OfflineI have never bought a place to hold or to fix and flip.
Found a super nice place, only 1300 sq ft house, but nice, with a couple acres in the country in very good location, and it is a Freddie Mac foreclosure.
When checking into financing, since I can't assign this, I have found I could get the loan, plus repairs, but have to live in it for 5yrs.
Are there ways around this. I actually could live in it for a while if needed, but I do have at least 3 people now asking me about it. However they can't buy, but could do land contracts or enough on payments to give me a cash flow.
I am not sure how to go on with this. I am looking for my own place again, but if I get PML, I would want to flip it asap. It has tax assessment at $161k and I was offering $48k, repairs estimated at $25k, and it is liveable now, even with just cleaning and painting. Most is clean up and replacing a couple rooms of carpeting.
Is there any advice on this or other financing I would be able to check into. The house is where it could easily be made wheelchair accessible, because you can enter the home and not have any steps, and inside, only steps if you want to go out the back door or into the basement.
What are some options on this.
Sandi
PML
Posted on: Sun, 05/13/2012 - 20:20
PML
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- by sandiboots
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There are banks in your area that will do a no-seasoning refi for you.Just call all the local banks in your area.
I think what she is saying is freddie mac does not allow it.
Freddie Mac makes you hold the property for at least 90 days. I have people who would lease from me, or possibly a land contract. And a bank wants a good credit score. One of my possible buyers has to sell his home first.
I have a very restricted income, and don't have a down payment. But is there any other options I have, as I may have to wait a few months to flip it. This place would be a very easy rental property, and in our area, it could rent between $900-$1100. Could get more if they are purchasing it.
If it can be classified as handicap accessible, I heard a grant on the place is possible. However, for everyone that talks about using grants, I have yet to meet anyone who actually tells you how to do it.
So I need PML that could possibly carry it for a few months, or willing to get a cash flow from it while a tenant gets the financing.
If I go with one person who has offered to help get the financing, I have to live in it for 5yrs.
Sandi