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Longmont RE Trends: Fix and Flips
Investing in Real Estate 7 - Fix and Flips
This blog will discuss a type of real estate investment, fix and flips, in the Longmont area in Denver.
What this investment is: Purchasing a home that needs work. The scope can range from the basic "paint and carpet" to extensive overhauls to scraping a decrepit property and completely starting over. Usually does not involve tenants, and the objective is to get in and out of the property as quickly as possible. Great for beginners with the right skill sets or the willingness to learn.
Equity needed: With hard money loans (defined in next paragraph), potentially 0% and they'll finance the construction costs, too. Expect a LOT of strings to be attached. A small local lender might give you 75% of the purchase price and the renovation budget, and the terms will be a lot more pleasant than the hard money option. Or you can do 20% down and get a convention, non-owner occupied loan and pay for the renovation with cash or your Home Depot credit card.
Importance of credit: If you get a hard money loan, your credit will not matter as much. These are harder to ... more
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