- August 15, 2018 at 5:38 pm #232327
Hello. We’d like to start flipping homes here in Florida. My question is, when purchasing a property, do house flippers usually pay cash for the home or finance it? We’re not in a position to write a check for a home, but I’m guessing some house flippers put a good amount down then renovate and sell it before payments start? I’ve. Been in medical device sales for 10 years, but looking to become my own boss. Thanks in advance
GarrickAugust 15, 2018 at 5:43 pm #234136
Thanks for checking out our site and posting on the forum. That’s exciting that you’re going to start flipping homes in Florida. Some fix and flippers do pay all cash for properties, but the majority use hard money loans which fund the purchase and rehab of the property. They’re typically short term interest only loans that are either paid back when you flip the property or when you refinance it into a more permanent loan. I recommend reading how to start your own house flipping business and our house flipping business plan for more information. Best of luck and let us know how everything goes.