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 Can you sue a bank if they approve the loan then a day before closing they dont approve the loan? |
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 Is it possible to add extra money onto a new mortgage to pay off my debt? |
Additional Details
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| Why are the united states houses so cheap? |
is the usa market crashing?
Additional Details
i dont want to live there dirk.. i was looking at your houses on remax and i could buy a new house and still have money left over.. and i ... |
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 Can my landlord show my apartment while I'm still living there? |
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girl next door | Have you ever flipped a house?? |
I am really thinking about flipping a house.
I was just wandering if anyone had any advise to give to me. Also where do you get the money to do all of the construction and buy all of the things you need to flip a house. |
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Landlord
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I have, but am not in this market.
I am thinking about it, only because I have had a couple of steals pop up, but have made no moves.
I use my own money for the flip. It is an investment for ME, not some credit company. |
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starshyne59
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In today's real estate market, flipping homes is not an easy venture, especially if you want to finance it and have no cash on hand.
Most banks will not loan money for investment property without a hefty down-payment, then you will still need to have money for fix-up costs. There are "hard money" lenders out there that will finance a home and repairs, but usually only 50% or 60% of after repaired value, so you will have to be extremely diligent in finding a property that will fit this criteria. If this will be the first one, the "hard money" lender will probably also require interim inspections to be sure work is being done according to agreed terms, and these inspections are not cheap either.
You need to do your homework, find out the laws in your area (trust me, there will be many), locate the lenders in your area and find out what they require, and gather a good team of advisors (Realtor, Attorney, Title Company, Accountant/CPA). You will also need to research other uses of your property besides just selling it, such as renting (landlord laws), rent to own or lease-option.
Don't believe those TV shows - there is so much more to it than that. Plus, this market is not the best if your only option is to sell because homes are just not selling well right now. |
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bob W
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you seek out for sale by owner homes and do a L2P contract for a 5 year term. Then resell it as rent to own to a buyer. They do all the repairs and in one year they have to buy it or get out. If they get out you keep the 5-10k down and all the repairs that they did to the property. Then find another buyer with a down payment. If they buy you score the big amounts. |
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rick
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I've flipped several of them...it will always cost more than you think,so plan for that....you've got to have the $$ up front or a partner, or a line of credit. |
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Linda ♥ 's Mikey
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Well, I've never did it, but I have never really had a reason to do. The money however, comes out of your own pocket. You can get a loan for these kind of things if you have credit and or collateral. Good luck and hope this helps! |
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godged
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For most of the US, this is a terrible time to try flipping.
With all the interest in flipping being drummed up by the TV shows, it is driving up the price of prospective properties. It is a buyer's market, houses are sitting for alot of days on market, buyers are asking for a bunch of concessions, all of this cuts into your bottom line.
You get the money for the construction from your bank account, if you have to take out a loan or charge this on credit cards, this will also cost you more in the long run. |
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Alabama Realtor
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This is really not the time to be flipping homes. The market in most areas are not selling as fast as they have been in recent years. It is also hard to make a profit on a flip unless you get a great deal on the home.
That doesn't mean there is no money to be made in real estate though. Rentals could be a good option in almost any market.
Good luck,
Josh |
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...?
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wth sdas,ldgv |
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farkel
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Home depot or Lowe's are about as good a place as any for a wide range of construction materials, from raw materials to cosmetic to furniture and appliances.
I have worked construction for the past 6 years now, and about the only way to find the funds for remodeling a house is a bank loan. If you can show the bank you're remodeling a house, they're more apt to work with you. If you're selling the house after the remodel, the loan is easy to pay off, and .... with any luck, you'll make a profit. |
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thestepper2001
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Get the money rolled into the loan itself as "improvements" monies.
I'll flip a house. But, right now is NOT the time to do that in 80% of the country.
Now is a time to buy up as much real estate as you can. Property values are pretty much bottoming out now. There might be about 7-10% left to shave off of prices. But, that's it.
Once they figure out how to get out of the mortgage crisis here, unemployment should drop, wages should rise and home values (along with the US dollar) should gain steady value again. |
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