To secure a loan, it’s crucial to demonstrate both your financial health and the property’s potential profitability.
Even if you meet all other loan requirements, an unprofitable property won’t get approved.
To increase your chances, showcase your competence by providing detailed financial projections.
This includes estimating rehab costs through methods like past averages, Zillow estimates, or contractor walkthroughs.
Present a detailed, organized itemized list of all projected costs, including rehab, holding, insurance, and taxes.
By proving your ability to assess and present these factors clearly, you demonstrate to the lender that the investment will be profitable for both parties.