Flipping / Wholeselling Problems In Atlanta???
Since the "New" HUD criteria that are "Fine" Pres. Bush signed into law May 2003.
This is making it hard to flip properties with my fees added, since the time limits are in place for refi's/hard money loans, and the amount of flips done in a 90 day - 1 year period.
Wholesellers are finding it hard for investors to buy from them since they can not get a Refi-loan on the properties with the wholesellers fee, birddog fees, and etc... All due to the amount of flips that are being done on one property.
Plus Banks, Mortgage companies, and so on not wanting to take on assignment of contracts. Closing attorneys are not wanting to do double closings. Making it tuff to keep a company floating that works with investors that do not have time for locating properties themselfs.
How do "we" the Wholeseller and Flippers keep in business with these changing laws & issues?
How can small LLC's that find properties for investor groups stay in business. Without breaking laws and continue to run a legal business as we have continued to do at present.
Could I get some sound advice from long-time investors, brokers, LLC's, or anyone that might have some insight on this problem/concerns. This is a big problem that come up in Atlanta, Ga over the past 21/2 months. Slowing business down to a trickle.
[ Edited by Grant1026 on Date 11/11/2003 ]
The first thing to do is to steer your potential buyers away from FHA loan programs. The title seasoning guidelines for now are FHA requirements, not all of the lenders. Find a good mortgage broker. They will have loan programs available to them to get you or your buyers into loan packages without title seasoning issues.
Good luck,
Jeff
Well once again the criminals make life rough on all of this. I find all of this as a over reaction bordering on stupidity. Just exactly how to you appraise a house with a title?. The first sentence is for the criminals LEAVE ATLANTA PLEASE YOUR SELFISHNESS IS RUINING THIS FOR ALL OF US. Next is for HUD how do you appraise a house with title I dont get it. FHA appraisers have criminal and civil liability this isnt enough. Its an appraisal problem not an investor. There are ways to get this done you need to get with experinced teachers. I dont know how some of you expect to learn by just reading messages. You can make a fortune in this. Yet you go to school for 4 years and dont make half as much. The double close is dead. Thats pretty much it. Thank you thiefs for messing that up. Just a note Atlanta is on a watch list and there are 57 FBI agents looking into this in Atlanta alone. Dont believe me call the US ATTYS office I hope you get caught and get put away for a real long time you deserve it. As for assignment of contract that should be contract law. I will check