In case you are searching for how to flip a house with no money, you’ll find a good deal of answers in this blog. Several investors can lend you a loan so you can do your first real estate flip. The only thing you need to do is prove to them that you can make a profitable turn.

What about the expenses?

The cost to flip a house will include utilities, insurance, renovation, and marketing expenses. The actual cost will depend on the condition of your property. If it requires more fixtures, you will end up paying more for renovation costs. The other costs involved are homeowner insurance that is inflicted from the time you buy a house, complete the overhauling and sell it. Once the renovation work is complete, marketing costs are waiting for your approval.

Can You Really Flip Houses With No Money?

Here are some ways you can flip houses even if you have no money or have bad credit.

Private Lenders

One of the best ways to lend money for house flipping is through private lenders. Private lenders can be anyone who has some extra money and are ready to make investments. One thing is that these lenders have no link to any financial institution, which means they can come up with their own set of rules.

Wholesaling

This is a useful technique for making good money within a short period. The process works this way: first, you need to find saleable properties, next, make contact, and finally assign the sale contract to the new buyer. In wholesaling technique, one earns money based on the percentage of the end sale. The percentage varies and can lie between the range of 5 to 10 percent. In this technique, you don’t have to purchase a property, which makes it an amazing way to explore the world of real estate without money.

Hard Money Lenders

Hard money lenders are companies that specialize in lending loans for a short time. As opposed to private money lenders, hard money lenders have a strong connection with companies that give away loans. People often confuse them with traditional lending companies. However, that’s not right since hard money lenders give loans for the short term.

When you go with traditional loan lending institutions, you can get loans for 15 and up to 30 years. In contrast, hard money lenders give as short as 6 months or a maximum of a 2-year program.

House Flipping Investors

Going with hard money lenders or private lenders isn’t the only way to flip houses with no money. One amazing house flipping way without any money is to partner up with house flipping investors. It’s great to have a joint venture with someone that is already doing house flipping.

If you wish to learn more ways to flip a house without money, you can get help from Red Door Funding experts. To get in touch, call 832-539-1099.

Fulfilling the duties as a single mother isn’t easy, with tons of responsibilities lingering on your shoulders all the time. You not only have to look after your kids but handle all the financial matters. As a single mother owning a home may seem impossible. But in actual it’s not. If you don’t have a partner, that doesn’t mean homeownership is something you can’t have. This article will guide you on how to get a home loan as a single mother so you can spend time with your children in your own home.

Fulfilling the duties as a single mother isn’t easy, with tons of responsibilities lingering on your shoulders all the time. You not only have to look after your kids but handle all the financial matters. As a single mother owning a home may seem impossible. But in actual it’s not. If you don’t have a partner, that doesn’t mean homeownership is something you can’t have. This article will guide you on how to get a home loan as a single mother so you can spend time with your children in your own home.

Making Arrangements For Down Payment

Arranging a down payment is very easy when money is coming from two hands. But it can be very difficult for single mothers. Luckily if you’re a single parent, a down payment assistance program can help you a lot.

Various types of down payment assistance programs are available such as:

  • First Home Mortgage Program (CA)
  • State Housing Initiatives Partnership Program (FL)
  • MyHome Assistance Program (CA)
  • Orange County Down Payment Assistance Program (FL)

Home Loan Option For A Single Mother

If you are a single mother, we would recommend going with a government-back loan option. Here are some home loans that you can avail as a single mother.

FHA loans

These types of loans are backed by FHA (Federal Housing Administration). If the borrower cannot pay back the loan, there are lesser chances that the approved lenders will lose money. This makes it easy for single moms to get a loan. The best thing about FHA loans is that they only require 3.5 % down payment.

Below are some of the requirements you need to fulfill to qualify for the loan:

  • You’ll need to have a credit score of at least 580
  • Down payment of at least 3.5 percent is required
  • Prof of employment and steady income
  • Payment for private mortgage insurance

USDA Loan

If you are looking for a home in a rural community, a USDA loan can be of help. The good news is that this loan doesn’t require any down payment. Here are the eligibility criteria.

  • The location of the house must be in a suburban or rural area
  • Applicant must be a U.S. citizen or have permanent residence
  • Proof of steady income over the past 24 months
  • Minimum credit score of at least 620

VA Loan

These loans are for vets or service members. You can also qualify if you were married to a veteran who died while serving. These loans are backed by the VA (Department of Veteran’s Affairs) and is an amazing option for a single mother since you don’t need to submit any down payment. If you meet any one of the following requirements, you’ll qualify for a VA loan.

  • During wartime, you actively served for 90 days consecutively
  • You served for at least 6 years as a National Guard
  • The service member you were married to died during the duty or due to the injury inflicted while on duty

If you wish to learn more about home loans for single mothers, feel free to contact the experts at Red Door Funding. To get in touch, call 832-539-1099.

People often ask how soon they can sell the house after buying it. And the shortest answer is “immediately.” The day you buy your house, you can sell it then and there, and nobody will raise any questions. But selling it too early may cause you to lose money and pay more taxes and other payment penalties. So, when to sell without losing money?

A home can be the biggest financial investment, and nobody would want to sell it without gaining enough equity. However, unexpected circumstances can arise and force you to move from your dream house.

Reasons Behind Selling A House Shortly After Buying
Financial, personal or professional reasons can turn the tables upside down, and you may end up selling the house soon after buying it. Here are some of the reasons why homeowners sell sooner than anticipated:

  • Personal Responsibilities: You may want to give more time to your sick parent or child
  • Dream Job: Maybe your current job is demanding you to relocate, or you finally found your dream job that you can’t resist taking.
  • Emergencies: Sudden medical bills may require you to sell your house
  • Relationship: People often sell or purchase new places after marriage or divorce
  • Neighborhood: A noisy neighborhood or increase in crime rate may force you to sell your home

How Soon Can I Sell My House After Buying It Without Losing Money?

If you are selling your house after keeping it for a year, renting in the first place would have been a better call. Even though you can get the same amount, how would you compensate for the associated costs, including the price for moving the furniture and any damages, and homeowners association fees?

The best time to sell a house is when you reach the breakeven horizon. This is the point when you can sell your home and redeem all the money spent on additional costs. In most cases, the breakeven horizon comes after two years when it’s safe to sell the house without losing any money. How soon can you sell your house after purchase is at least 24 months when you hit the breakeven point.

Can You Ever Benefit From Selling Fast?

In some cases, it’s possible to make a profitable deal, selling earlier than the breakeven point comes. The few possibilities are:

  • House flipping: You made significant renovations to your home that helped increase your home’s resale value.
  • There was a sudden increase in the home values of your neighborhood due to a big firm moving in your area, improved job market, or development in the area.
  • You got your hands on a really good deal. This can happen if you bought the home in a short sale, and selling it in the right situations is now earning you money.

No matter how positive the situation may look, there can be hidden taxes or other expenses that might incur if you sell your house too soon. Therefore, always take help from an experienced real estate agent before jumping on any decision.

In case you have bought a house and are planning to flip it, we can grant a house flipping loan. For more details, call Red Door Funding at 832-539-1099.

Everyone dreams to buy their own house and enjoy the barbeque with their family and friends in the backyard. Buying a house is a big deal in itself and involves a lot of money and risk. If you have loads of money, you don’t need to read further; you can just look up a property and make the purchase. However, if you are like millions of others who need to save money to buy a house, this article is worth spending some time on. The first and most important step to buy a property is having an account full of money. This article will explore 5 amazing ways to save money for a house in just 6 months. Keep reading and get closer to the house of your dreams.

How To Save Money To Buy A House in 6 Months

1. Set up a Budget

This is by far the most important factor that will determine if you can save money for your house or not. Setting up a budget in a smart and focused way will help you allocate dollars for your home target. You can’t be lazy and emotional in this manner, and every extra money that can be saved should go to your savings. You should be brilliant and determined if you want to buy a house. If you think looking up the internet will help you find a budgeting plan, you are wrong. Budgeting is very personal, and you’ve to observe your spending priorities to come up with a budgeting target. If you find a suitable one, follow it rigorously for 6 months, and you will be surprised how much you have saved.

2. A Separate Savings Account

Setting up a separate account to put in the funds effectively achieves a specific goal. If you don’t have one, you will be pulling out money for the things you don’t need. If you wouldn’t have any money in your regular account, you will automatically adjust with the minimum budget.

3. Auto Transfer The Money

If you can set up an automatic way of transferring funds to your saving account, it will help you save money for a house in 6 months. If you are an employee, you can ask your HR department to transfer a certain amount to your savings account whenever your salary is ready. But if you run a business or are self-employed, you will need to find ways to transfer the money.

4. Be A Cheapskate For 6 Month

Cut the living costs as much as you can if you want to save money for your house. For 6 months, live a budget life, stop eating out, going to movies, buying clothes, and save every little penny for the coming months.

5. Take An Extra Job

Earning some extra money is the fastest way to save for a house in 6 months. Find an extra job, work overtime, look for some freelance work, and you will know it is easy to save money to buy a house.
However, if you cannot make the savings, that doesn’t mean you can’t buy your house. You can always get the funds for your real estate with Red Door Funding. For more information about our loan programs, call 832-539-1099.

Your house was spacious and cozy until the kids were young. Now they have grown, and the home feels messy despite trying so hard to clean it up. So, you have decided to change your house. Before you vacate your current residence, you must know how long it takes to build a 5-bedroom house, or maybe a bigger one. It is necessary to know the average time to build a house beforehand, as it helps keep up with the expenses.

Typical House Construction Schedule

According to a survey, the average time it takes to build a house is around 7.7 months. Let us give you a brief breakdown of a typical construction schedule;

  • Site Preparation: This includes planning, lotting stake lines, excavation, general cleaning of the site, temporary power, and the layout.
  • Foundation: This includes concrete pouring, basic plumbing, installing a slab, or a basement.

The house needs around four weeks if you want a strong foundation. After laying the foundation, it can take about sixteen weeks to complete the construction.

  • Framework: This includes framing the floor, walls, and installing a roof. If it is a double-story home, it is best to construct the whole framework at once.
  • Exterior Finishing: This includes all the furnishing you want in your exterior.
  • Basic Interior: This includes the installation of critical components. You have to hire plumbers, electricians, and other HVAC companies to get your house’s significant features done.
  • Insulation: Now that your house is systematically done, you need to install insulation and finish the drywall.
  • Interior Finishing: This includes finishing your walls, floor, etc. You can hire a painter and carpenter or do it yourself. Installing doors, cabinets, and another finishing is done.
  • Appliances: This includes installing fans, lights, and other decorative work. The countertops and other kitchen items are installed. If you have an outer area, you would want to work on it, too, simultaneously.

The aforementioned is an ideal case scenario. Your construction schedule can be affected by several factors.

  • The unexpected season/weather change: No matter how much you plan, sudden changes in weather are not easily escapable
  • Permits/inspections/approvals: All this paperwork and inspection craves your time! Be careful about doing these things on time, or your house will take ages to build
  • Labor/contractors workload: Hire laborers or contractors after having good communication with them. Discuss how you plan things to be done before they start working.
  • Availability of material: During construction, you might encounter a change of plans. Always try to control those plans alongside the availability of required goods in the market.
  • Size and difficulty of the project: This one’s obvious. Your time can increase/decrease according to the kind of infrastructure you’re interested in and the size of your house.

Due to such factors, your expenses might as well get affected. So, if you want to keep the average time of building your house intact, contact Red Door Funding at 832-539-1099.

Let’s talk about an ideal scenario: The weather is perfect, your job is going great, you’re satisfied with your neighbor’s new puppy. But your kid’s daily fight over sharing a bed of two between three, and now each want their separate room and some privacy. So, what to do now? Talk to your children about managing the circumstances. Would they understand? No, they are kids. Moving to a bigger place might be the best option you have now. You are planning to buy a new house, but of course, haven’t sold your current one yet. Purchasing a new house before selling the old one might not be a good idea, especially in today’s real estate market.

The best strategy is selling your current house, renting for the time being, then planning to buy your new dream house with enough rooms to make your kids happy. This approach makes you stable, both financially and emotionally. You won’t have any mortgage on an empty house; by taking things slowly, you will find a reasonable selling price, and in the end, have a topped up bank account.

However, an ideal scenario is not always possible, and you may have to buy a house when you haven’t sold yours. Here are 3 approaches to help you get out of this hamster wheel.

How To Buy A House When You Haven’t Sold Your Existing One

Rent Your Now Sold Existing House

This is, by far, one of the best strategies you can opt for. Firstly, sell your house to the new owners, and then ask them to rent it to you until you make your new house’s complete payments. This type of rent-agreement only stays put for one or two months. This approach saves you the trouble of finding and making agreements for renting a temporary residence. Your existing home is well known to you, and any trouble with it will not bother you a lot. But in case you rent some other place, and in a panic condition, you will never know if it has leaky pipelines, a blocked gutter, or malfunctioning electric circuits. And spending money on these fixtures seems no good.

Going With Temporary Residence 

Chartering your old house is not always possible, so you may have to find another place to stay. This option isn’t that easy and economical, but it is a good short-term solution. Let’s suppose your new house needs some cabinetry work, or some electrical or sanitary issues require your attention. Rent a property and stay with ease until your renovation work gets completed.

Make Up A Contingency Plan 

Including a contingency plan is a good way of keeping a safe side. When you are getting ready, the contract of your new home includes a contingency offer. A contingent sale plan provides room to holdback an offer if your current house doesn’t sell within a specific time frame or date.

If you ever need to buy a new house before selling your current one, consider the above and other possible approaches such as rental property loans and then choose one that suits you best. Our agents at Reddoor Funding can help you decide and follow the most practical approach. Get in touch with us today at  832-539-1099.