ForumsFinancing Tips

To avoid the hassles of the mortgage industry most investors use hard money loans. These loans typically carry a higher rate but are interest only short term financing. They allow you to borrow upto to 70% of the After Repair Value of the home including any needed repairs. There is little to no underwriting so you can close deals in days not weeks as with conventional financing. You can learn more at www.dfwfastcash.com

The answer is yes you must do the following though

• Find an undervalued property, at least 30% under value including repairs.
• For example if the full after repair value is $100,000 the you cannot spend more then $70,000 total on the home including the purchase price and repairs
• Once you have repaired the house and have an appraisal completed, you could then take out a loan for the full amount if you would like
• You would essentially be buying a home from yourself, since there was no underlying loan it would not be considered a refinance.

Hope this helps!