I am a new investor in Southern California. I wanted to ask some of my fellow investors a question about investment loans.
I have a house under contract and have about $50,000 equity after all my costs. I am doing an investment loan through a national bank (direct lender). Is it true with an investment mortgage loan, I am legally allowed to flip the property anytime I feel? I know I can’t legally obtain an owner occupied loan with the sole intention of flipping the property.
Lastly, I have heard it is better to go with a regular bank if you can versus going through a hard money lender. Anyone have any comments about this?
Thanks much.