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Finding and Financing Fixers | Should You Find and then Finance?

Many eager beginning real estate investors run around finding a fixer to flip before they arrange financing. This mistake causes them to lose the deal because sellers demand a firm offer with financing prearranged.

ALWAYS arrange your loan first and then find the fixer. This way you are ready to close fast and that's the key to getting a bargain sales price. You want a seller highly motivated to close.

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Loan Shopping

Talk to three loan officers and do it at the same time--within a few days. That way you won't get extra deductions on your credit score because the CRA's (credit reporting agencies) know you're loan shopping. Although the loan shopping cushion is supposed to be fourteen days, loan rates may change and you won't get an accurate comparison.

An inquiry buffer is added to your credit file when you apply for an auto loan or a mortgage. This "de-duplication" of auto or mortgage loan applications in any 14 day period makes these inquiries count as one inquiry. This means you can shop around for an auto or a mortgage loan.

All other credit application inquiries that are not mortgage or auto related count separately, even if they are for the same type of service. So be wary of applying for cell phones or services.

Ask about rehab loans if you're concerned about using your own money. These loans cost more, but you won't jeopardize your home.

Compare rates and costs to your specific needs--down payment, rehab loan, etc.

Use this Free Loan Shopping Worksheet to help you compare mortgage costs with three companies.

Please note: Sometimes it's hard to get a FIXER financed. Read how to do that in Doghouse to Dollhouse for Dollars.

Learn How to Fix and Flip Houses!

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Doghouse to Dollhouse for Dollars: The Real Way to Make Money Flipping Houses!