February 11th, 2010
Looking for Mortgage Lender for investment property
I have one home in my name, which is rented out. I also have a bankruptcy which has been discharged for 5 years. I am wanting to buy a condo (which is listed at $37,500) to flip. My plan is to offer $35k, borrow $40k (putting the other $5k back into it) and place back on the market for $60k (which is what they are selling for in that area according to the Appraisal District’s Office). I do not want to live in the property, but put some money into it and try to resell. I want to do this with no money down or out of my own pocket (if possible). Prefer someone in the Dallas/Ft Worth area. I would like to do this pretty quick and thought about a hard money lender, but since this is my first ‘venture’, I certainly dont want to get in over my head. Anyone to help a ‘first-timer’ in this situation. I am wanting to get out of the industry I am currently in and into flipping homes. Serious replies only, please.
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Hard money lending is definitely a way to go. If you’re interested you should check out .