Rehab Loans can help you when you have no cash
First thing, let’s not make this too misleading. You will need to find some way of putting skin in the game. That means taking on an equity partner for getting the down payment together. How much you will give up depends on your relationship and ability to negotiate. After that, it’s time to find a rehab loan.
Rehab Loans open the door to investing and building wealth
Rehab Loans have been around a long time and are great for people that need to leverage OPM (Other People’s Money). Simply put, it’s a way to not have to have major skin in the game and still be able to profit well, sometimes quite handsomely. A Rehab Loan makes it so you can reach properties that under normal circumstances you may not be able to make offers on due to lack of capital.
Rehab Loans are easier to close because it usually denotes using private money from investors that don’t put you through a ton of qualifications on your personal info or credit. It’s also easier because the asset is really what the loan is based on and its ability to create a net profit that can help build your wealth.
Finding Rehab Lenders is fairly easy, you’re on a site that is a rehab lender right now reading this article. If you wish to apply with us, go ahead and click here. You’ll have another chance to apply at the end of the article for a Rehab Loan.
When do I apply for rehab loans?
First, make sure you have a property to go after. In other words an asset that needs the rehab funding. Once you have that under contract you can apply then. If you are confident your offer will be accepted and it’s just a matter of process, then apply right away. Even though most Rehab Loans are fairly easy to get, the lenders have their own processes that you will still have to get through.
Make sure you have your equity partner agreement in place. Can’t say this one enough; get it in writing. Make sure it’s on paper. Make sure you have your agreement together and KNOW exactly what to expect out of your partner and what they expect in return. (percentage of profit, etc)
If there are other factors like; Seller Finance, subject to clauses, lease option contracts etc, make sure to know if or how your lender will work with those conditions. (NOTE: Many won’t so be sure of who you’re working with)
Find the time to have the time to get your Rehab Loans in place, and you can get to closing quickly and safely. (I didn’t say easily; not every closing is as easy as lenders would like you to believe)
Remember we said you’d have a second chance to apply for a Rehab Loan? Here is that chance:
Click Here to apply for a Rehab Loan Today!