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Valuable Information for Flipping Real Estate from Armando Montelongo of the Hit A&E Series “Flip This House”
As many of you know, I have been on an interesting journey since making my debut in Real Estate Reality Television by virtue of the HGTV hit series “My First Place.” One of the greatest joys for me has been meeting a variety of new people who share my passion for real estate and my love for the emerging media called reality television. I have had the good fortune of getting to know David & Melina Montelongo and Armando and Veronica Montelongo all from the A&E show “Flip this House,” and successful real estate investors from San Antonio, Texas.
As I have previously posted, I have had David Montelongo on my radio show and have posted his tips for real estate investors. Please see: One hour of education from an expert…PRICELESS. In addition, we are looking forward to participating in David and Melina’s investor workshops this summer and fall in Texas.There is something very important that I want to share with you today. Armando Montelondo has authored a new e-book titled “Flip it Now!” and as part of the launch Armando is making five pages available to you free of charge.If you are interested in obtaining your five free pages of the book click on this link: Armando Montelongo’s E-Book Free OfferArmando has also teamed up with Internet millionaire Joel Therien, president of http://www.hotconference.com/ a very popular website and has launched a new site Armando Montelongo . Armando Montelongo’s new site is very different in that it allows people to communicate in real time audio and video conferencing in a secure environment. People can join free knowing that others on the site will enjoy learning about their opportunities. The site is a social networking site catered to one market, entrepreneurial people and business opportunity seekers. “The site is there for all types of people who want to meet with others who have some of the same business interests” says Therien. The site caters to success minded individuals.You can visit the site at: Armando Montelongo SiteI welcome your feedback in an effort to make this blog even a more valuable resource for real estate brokers and investors!James(c) Copyright 2008-2009 James A. Holmes. All Rights Reserved.
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James Holmes has spent more than 25 years working as a successful real estate and mortgage banking professional. James teaches others how to utilize both online and offline techniques to help you grow a successful business. James also works with a select group of private investors to provide financing for commercial and multi-unit residential real estate transactions. To request a free 30 minute consultation contact James by phone at 303-523-9503 or email at james@privatemortgagebanking.net
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Fix & Flip Program for Colorado & Arizona Investors
For investors interested in taking advantage of reduced property values by participating in renovating and re-listing properties should take a look at the great investor program we are offering our clients.
This product is specifically designed to accommodate investors who want to purchase and remodel fix-up properties in order to sell them for a gain or to refinance them under conventional terms once the property has been remodeled. The program not only works for 1 to 4 residential units, but also for commercial properties which have 5 or more units. The program is offered in metropolitan Denver, Colorado and surrounding cities, also in metropolitan Phoenix, Arizona and surrounding cities. The loan term is for 180 to 360 days, depending on property type. There are NO prepayment penalties and interest only payments are due monthly.
PROGRAM HIGHLIGHTS
- Our investor lends up to 90% of the purchase price and additionally lends 90% of the improvements that the borrower estimates they will make to the property. The borrowers are allowed to do work to the property themselves as it is not required that contractors complete the work.
- We can use equity in other properties (known as cross-collateralization) for the down payment on the fix-and-flip property so that the borrower does not have to put cash into the transaction, provided that our loan-to-value and other guidelines are met.
- We allow the properties to be titled in the name of corporations, partnerships or limited liability companies. This is very popular with fix-and-flip investors.
- Borrowers who are self-employed find the loan quick and easy to qualify for because we have flexible income underwriting.
- We do not have a specific limit on the number of investment properties upon which the borrower has financing.
- We close these loans very quickly. We typically provide approvals within 24 hours and many closings occur within 1 (one) week of approval. Our quick closings often help the buyer get a contract over other prospective buyers.
- We do not have any prepayment penalties. Naturally, this is of great importance to fix-and-flip investors.
- We allow partial releases of multiple unit properties.
(c) Copyright 2008-2009 James A. Holmes. All Rights Reserved.
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James Holmes, Global Team Builder, Coach and Trainer, combining online and offline techniques to help you grow your business. To request a free 30 minute consultation contact James by phone at 303-523-9503 or email at james@AskJamesHolmes.com
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Note: If you’d like to reprint this article on your blog or in your newsletter you have permission to do so as long as the copyright information and the resource box above remains with the article.
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