I have been buying homes at auctions and rehabbing/renting them before I sell them to other investors as rentals. Things are working nicely, but I’m wanting to step things up a bit in terms of the number of homes I do at any given time. Are there hard money lenders/investors out there that are willing to loan before the property is identified? The auctions I attend require certified funds for the full purchase price the same day as the auction, which doesn’t allow one to borrow hard money in the “traditional” way. Ideas?
What you probably need is a line of credit ?
With high enough FICO, added to your background as a rehabber, it certainly is feasible
There are investors/lenders that do provide that service for their clients
Not too much of a challenge