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Best mortgage for flipping a house?

I have the opportunity to purchase a home from a family member who is been put in an assisted living facility. The house needs some work but I can obtain it at a decent price.

What is the best way to finance it assuming I will only have it for about 2-3 months? Is there a rule of thumb on how much I should invest when flipping a house? The market value of the home is around 170,000. 00 in good condition.

4 Responses to “Best mortgage for flipping a house?”

  • Tim:

    Figure your cost, plus repairs, plus profit should be about 2 to 3% less than the comparable houses on the market. If you want to move if fast, it needs to be priced lower than other homes.

    Try an interest only loan if only for a short period of time.

  • WhereTheBuffaloRoam:

    Ahhhh, I just flipped a house. This is a good question. Well you need to go thru the house and make a list of all the things you need to buy and then do a cost analysis on that. If you are hiring contractors to do the work you can expect to go over budget. I do mostly all the work myself. The only thing I don’t do is hvac, because I’m not certified nor do I have the tools to do so. It is alot of work flipping a house. Because you have to do good work. I don’t think there is any rule of thumb because each house is different and requires different things.

    The best way to finance it is to use your cash at hand. If you don’t have that much, then you need to assess the equity in your current home by taking out a 2nd mortgage and using that money. You get the money back in the end, unless the market tanks. You need a good realtor too that can sell the house fast by pimping your property to the masses.

    Hey good luck,

  • Carolinahomerates.com:

    really depends if this property will be your Primary home or investment home.
    What will be the loan to value. . . . . your credit score?
    Every lender has a different niche.

    If this will be your primary. . . try FHA 203k. . . . . great rehab program.

    Most lenders REQUIRE you to live in the property for AT LEAST 6months

  • Open Book Advisors™:

    The best way would be to have the family carry the note until you fix up and sell.

    2nd best would probably be a loan where you have the lowest payment possible so you can put all disposable income into fixing it up. Usually a Neg Am (dangerous loan if you don’t sell right away) or a interest only loan.

    If you cant get a loan on it due to condition you’re looking at probably a hard money deal. . . . . . . you’ll have to come in a good chunk.

    Unfortunately it’s the wrong time of year to get the deffered Home Depot credit card where you can get a new kitchen put in for no payments for a year. . . . . . . then sell the place and let the buyers pay for that new kitchen. . . . . . . . . . . they usually do that in spring. . . . . . . lowes does to. . . . . . . . . best time to sell too.

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