Does the idea of house flipping interest you? Do you ever dream of knocking down walls or picking out fresh flooring? Maybe you’ve seen a house for sale or a foreclosure that seems to be calling your name, but you just don’t know where to start or if you can afford this next adventure? That is where Graysbrook Capital steps in.
By definition, house flipping is the process of “…buying a house or property with the intent to sell it for a profit.” The majority of the time these properties are fixer-uppers or foreclosures. Graysbrook Capital can assist you in getting a short term, open mortgage, ideal for these types of projects.
What is a short-term open mortgage?
“…a mortgage that permits repayment or paydown of the principal amount at any time, without penalty.”
Why is this the best type of mortgage for a house flip?
In short, the faster the flip is completed, the more profit will end up in your pocket. While this type of mortgage may have a higher monthly payment, the shorter the loan period, the more profit you will make. Completion the renovations and selling the property within a few months, will keep you interest costs to a minimum.