Quick Flip Ideas and Help Needed - Posted by Dann Stra

Posted by GregNY on January 27, 2002 at 17:09:21:

Open up your yellow pages and call a few mortgage brokers and ask them if they know of any short-term financing. Most of them know of some but some will only talk with you if you know what you’re talking about or doing. Tell them that you are looking for 65% LTV and a 6 to 18 month term, and if they know of anyone that can handle these sort of things. If they ask about the property, just say that you have one in mind and want to know if they could be of assistance when you lock it up.

Good Luck,

GregNY
I hate partners

Quick Flip Ideas and Help Needed - Posted by Dann Stra

Posted by Dann Stra on January 27, 2002 at 14:58:49:

Hello All,

I am in the fortunate position of buying a single family home in my area for $45K. The CMA I just did tells me that the home should sell on the flip for $85K if I gave it a “wash and wax”. :slight_smile: (paint, carpets, other cosmetics, etc).

I am not in a position to put down the 5-8K at the close that I would need although I can get the rest of the money in a mortgage and will have not problems making the payments.

I have been through the place and it is in need of cosmetic work on the inside and needs a new layer of shingles on the outside. The inside also has the odor of cigarettes in it.

I have an investor but don’t want to split with anyone so I am looking for other ideas to do a qiuck flip and hopefully unload it before the closing via the “and/or assigns” contract.

How would this work, in practical terms, if the owner is still living there?, how would I show it? Also, I know that FHA will want me to do the roof but I don’t want to do a fixup until after the close. Is this going to get in the way of doing a “double close” type deal?

I would be willing to put it on the market for a full 15K below market value (70K) just to make it a home run and to help a buyer get over the fact that it needs to be deodorized. I am not looking to max out on this. I want minimal exposure!

Other notes: Section 8 will go to aroun $900.00 per month on this and it is located in central, CT. The rent for it in the private market would also be that or higher. Anyone interested in buying it from me should let me know. :slight_smile:

So, any answers to my questions are appreciated as well as are other ideas I have not thought of.

Thanks,

Dann

Re: Quick Flip Ideas and Help Needed - Posted by ejs

Posted by ejs on January 29, 2002 at 15:36:49:

You can no longer use FHA to do a "double close"
you are required to be the titled owner of the property for 6 months in order for your property to be qualified to put an FHA buyer into the home.
This applies to almost all lenders for the last year or so (6-12 months title “seasoning”)

I have a solution if you would like to e-mail me.