Help With A Flip?

Comments(10)

• 
  jimandlacy30th January, 2006

  Plenty of packages available with no seasoning...
  and
  Considered lease/optioning?
  
  Jim

• 
  IBuyHousesInc30th January, 2006

  The issue with seasoning is more of buyer credit worthiness than a chain of title issue.
  
  Lenders are trying to confirm that the original definition of "Flipping" is not taking place...
  
  There are a lot of lenders who will fund unseasoned loans just more difficult when the borrower is marginal..
  
  if you know that they are marginal going in you should structure a per diem rate because most of the time escrow will go longer than expected... And you do not want to suffer..
  
  Also if you plan on using these funds for additional purchases make sure you make those purchases contingent on this transaction closing...
  
  One little trick you could do that will help on the seasoning issue is file the change of ownership yourself and inflate the purchase price to a price closer to the one you plan on reselling at...
  
  This is illegal and I would never do it but I have seen it done over and over.
  
  What it does for seasoning is show a very close purchase to resale price and the lender is more forgiving in this situation...
  [addsig]

• 
  zarak_sharwani30th January, 2006

  Thank you, i have noted some good points. I do have L2P Candidates but prefer to sell it right away. The candidate interested in purchasing property has bad credit and therefore it limits lenders within our scope as stated by previous post. However, Is it possible to assign property to a Land Trust /LLC and have the buyer obtain financing for Land Trust/LLC? or is it not appropriate for this situation.

• 
  GoBelly22nd December, 2005

  Start by contracting some property well below market value then flipping it to another investor for a profit. This way you can get fast investment capital to start with and credit or money is not an issue.

• 
  corvetteguys27th January, 2006

  i dont have personal exp, on this issue as i have capital to buy my investments , however i would suggest that you go after a market that involves finding pre forclosure homes , explaining it simple is like this , find a home owner that is going to walk away from his home ( due to a divorce or job loss , whatever ) and offer to take it over with a quit claim deed , then fix it ( if it needs it ) and sell it for a profit ,( it must have some equity ) this puts some cash into the homeowners pocket ( offer them something like 1k for moveing expenses )and they wont have a forclosure on their credit report , now the flaw in this plan is that you must get your hands on some cash , 1.for the home owner to get the house and to make any 2. payments or back payments on the house while you have it and for any 3. repairs , ...but you dont need any credit for this , ( you never take out a loan you just sort of assume theirs ....someone can correct me if i dont have exact details correct , but this might be a good way to start , maybe with a few of these you can get your feet wet and then grow . its hard work , but it beats working for someone else !!! remember you milage may vary .

• 
  GoBelly28th January, 2006

  Roz just curious, Did you contract anythiong yet?

• 
  tonydicorpo29th January, 2006

  Roz,
  
  2 words for u: Subject To
  
  read up, learn and go do it. no credit, little $, low startup for ads, biz cards etc.
  
  good luck

• 
  GoBelly2nd February, 2006

  Tony --- 2 Great Words
  Subject To
  Some of my favorite words to hear

• 
  GoBelly2nd February, 2006

  Tony --- 2 Great Words
  Subject To
  Some of my favorite words to hear

• 
  thanmerrill5th February, 2006

  Hey...I run a RE investment company in CT and have structured many simultaneous closings and assignments...email me at **Please See My Profile** or call 203.687.6244