Quick Tips for a Quick Closing

• Provide a complete loan package

When we are missing critical information, it slows the process.  If you don't have all of it, contact us to discuss it, so we can jointly determine the best way to get it.

• Have a stake in the outcome

It's called 'skin in the game'.  You must have either cash in the deal, or provide additional collateral (another property you own) to demonstrate that you have something to lose besides the profit in this deal.

• Be conservative in estimating values

In a declining market, your profits can evaporate quickly.  Be conservative in estimating both the current 'as-is' value of the property, and the After Repaired Value or Completion Value.  You will be insuring the profitable outcome of the deal, and building credibility with the lender.

•  Have multiple exit strategies

If the market changes, and you can't sell your property as planned, have a back-up plan, or even two.  This will insure you can make money regardless of the market, and show the lender you know what you are doing.

• Consider all expenses when evaluating a deal

A well-structured deal takes acquisition, carrying, financing and selling costs into consideration, since they add up quickly and can dramatically impact your profit.

• Expect the unexpected

You actually CAN plan for the unexpected.  Assign a dollar amount as a miscellaneous or contingency expense.  We like to call it the Ooops factor.