Help with Flipping or Refinancing!!! - Posted by MAX

import · April 21, 2018, 2:09pm

Posted by BillW on February 26, 2001 at 21:55:55:

Max,If the owner accepts this offer, and if you have the cash for the down and the payments with a balloon when you resell, then good. You might be able to make some money. If this is your route, be sure to market heavily immediately and try to move this property in a few weeks.
As to the refinance, if you can get 80 percent, the costs will eat up most of the difference between the payoff of 69K more or less and the 80K you might get. If this is your choice, set up the refinance before you close.If your intentionis to put in a tenant, just get new financing from the start.
BillW.

import · April 21, 2018, 7:26pm

Posted by MAX on February 25, 2001 at 22:37:41:

I am just beginning investing… so i wanted to know if u guys can help me with this one…

im gonna make an offer for a property for $73k, $4k down payment, and the remaining $69k due in 1-12 months, while paying interest to the seller. The house is worth $99k.

my question is : would i be able to “flip” this property? if so… how exactly?!.. and my other option was to, as soon as I get title to it, refinance it at 80% and cash out some of the money. Later finding a tenant for it.

Help. Thank you. Max