Can I rehab homes and sell them quickly, with no money down? if so, how long would i have till i had to start paying for it?
raff12345.
Yes they can be done. The payments on the property can start anywhere from 1 month to 1 year after the start, depending on the loan. You may need to shop around to find a lender to work with you.
Good Luck,
Wilson
Hi raff12345,
Yes, you can definitely buy crappy houses with no money down and use other people’s money to fix them up. The only money you have to fork out is the deposit with your offer. But your lender will give this back at closing. Just find the right lenders that meet your needs. It’s called “making money with other peoples money”.
You can buy with virtually no money down and rehab with the lenders money. While you are renovating you can avoid making the mortgage payments, just make sure to let the lender know that this is what you would like to do so they can set it up properly from JUMP! If it’s for investment purpose my recomendation is that in the 2nd to last phase of renovation put up the “for sale sign” and “still time to pick your colors” and usually by the time your mortgage payments are about to start you will be under contract or already would have sold. There are lenders that love to rehabilitate and renovate our communities.
What area are you in? I am not having as much luck finding a good lender in MD for rehabbers.
Thanks!