Can I get the money?

My wife and I have found a 4 bedroom 2 bath home that is a repo. Needs about 30k of work and we accepted 30k as purchase price contigent on our ability to finance, which we need to do quickly. Say 5 days. We want to fix and flip the house fixed up will be worth about 85k.

I have been a pharmacuetical sales rep, for six months and before that I sold insurance for 3 years. My credit is 750. My bbandt guy is trying to get us fix and flip financing but I am kinda getting the vibe that it might not work out because he thinks my debt to income ration is not good. I dont understand though considering I only own 63k on my current home and have like 5k in credit card debt. I do have a 30k credit limit on my credit card and I am willing to use that to fix the house but I need to purchase it. Any suggestions on where to turn to get the 30k to buy the house?


With your credit and a couple months PITI reserves 95% financing should be no problem if you need to go stated. If you can go full doc 100% is very possible. If your looking for conventional financing 5 days is a little tight. Many hard money/rehab lenders can fund in 5 days, but it’s still a little tight.

Rehab lenders tend to want to see atleast a 625 FICO, some real estate experience and cash reserves of atleast 10% of the requested loan amount.

Feel free to drop me a line if you would like to explore your options.

Pat Lawson


Hard money can be gotten that quickly, if you’re willing to pay for it. Usually 4-8 points and 10-15% rate. But keep in mind that you’d only have it for a short period of time.

Also, If you had a little more time, have you ever considered unsecured lines of credit? Pay cash up front, greatly reduces head aches and overall time to flip properties. You qualify.



buy the house on the credit card and refi. after you get time