Im a direct lender by day, and a flipper/rehabber otherwise…
i have 2 outright owned homes,westpark area of cleveland
1 is completely rehabbed and ready to be listed, ARV 80,000
other is in the process of being rehabbed ( 2 weeks left) ARV 70,000
anyone know of a good HML to do a cash out refi since i already have apprx 100k in the game of my own, or have any advice?.. i have the assets to finish both and than some, but be nice to comfortably seek others as cash offers while these are awaiting sale.
I cant take these through my company, im familiar with HML, but any advice would be appriciated
Why would it be reasonable to want to pay interest payments and points on something you own outright and are intending to sell?
My fix and flips (Rehabs) all sell relatively quickly, the longest time I think one of my rehabs was listed on market was 35 days while the average rehab sells in an average 10 to 14 days and the quickest sale we ever made was 7 hours after listing and it was a bidding war where we received 8% more than asking price!
If you did a good job and was aware of the types of products and finishes you installed then have some confidence as buyers want beautifully rehabbed homes!
Put the finished one for sale and finish the other one!
As the foreclosure market increase you will find investors to use Hard Money as way to secure the property in a short period of time then refinance into Conventional finance.