No Luck!
I had no luck posting this question in the Rehabbing forum so I'm hoping maybe someone in here could help.
I was just wondering if you were to buy a house and fix it, how long would you have to hold it before you could sell it? I think they may have a new law in NY on how long you have to hold the property.
I was also wondering if there are any creative ways of finding buyers so that you wouldn't have to hold the property for too long?? Thanks in advance for any help!!
First, it depends on the type of loan you get. Check the title seasoning.
Second, most of those loans have clauses that allow to sell before the title has seasoned if you increase the value by X amount.
If you want to rehab and flip, look for hard money lenders or some other non-conventional lender, and try to get it interest only for as long as you can with a kickback on the back end.
That seasoning is most likely due to the agency insuring your loan, and not the bank itself.
Thanks!!! I will definitely look into that