More and more of my residential clients are starting to dip their toes into the home fix and flip (sell) business. I'm not sure if HGTV sparked the craze that has attracted more people to the thought that they too can flip a house, or they see that some homes just need a little love to make them into something beautiful again and in turn, they make a nice little profit. Whatever the reason, it makes up about 30% of my clientele.
In the past, the financing options were pretty slim. Cash, hard money lenders or a home equity line of credit were just about the only ways to finance the project. Now it looks like the market might be adding another option. Mortgage Bonds. Inman posted this very interesting article that gives the basic overview of this type of loan along with some lenders already offering this product.
So if you think you might be ready to star in your own personal HGTV fix and flip, give me a call! I can help you evaluate home values, neighborhoods and introduce you to different contractors in the area.