Flipping Houses for Profit

Comment

Comment by judith boggio on October 16, 2009 at 9:00am

FHA 203K Loan - How this FHA program can be used:
:
This program can be used to accomplish rehabilitation and/or improvement of an existing one-to-four unit dwelling in one of three ways:

· To buy a dwelling and the land on which the dwelling is located and rehabilitate it.

· To buy a dwelling on another site, move it onto a new foundation on the mortgaged property and rehabilitate it.

· To refinance existing indebtedness and rehabilitate a dwelling;

To buy a dwelling and the land on which the dwelling is located and rehabilitate it, and to refinance existing indebtedness and rehabilitate such a dwelling, the mortgage must be a first lien on the property and the loan proceeds (other than rehabilitation funds) must be available before the rehabilitation begins.

To buy a dwelling on another site, move it onto a new foundation and rehabilitate it, the mortgage must be a first lien on the property; however, loan proceeds for the moving of the house cannot be made available until the unit is attached to the new foundation.

Comment by judith boggio on September 16, 2009 at 8:10pm

Is a contractor required to do the work on a fha 203k mortgage ? NO
However, if the borrower wants to do any work or be the general contractor, they must be qualified to do the work, and do it in a timely and workmanlike manner. It is very important that the work be done in a time frame that will assure the completion of the work that will be agreed upon in the Rehabilitation Loan Agreement (signed at closing). A borrower doing their own work can only be paid for the cost of the materials. Monies saved can be allocated to cost overruns or additional improvements.

Comment by judith boggio on September 7, 2009 at 11:04am

…
Real Estate IS a cycle… and cycles have some degree of predictability. With predictability, you can grow your real estate business into a cash-producing, profit-pulling machine that runs itself with the changing real estate market trends. It is still possible to make money in real estate. In fact, now is just as good a time as any to get started in real estate investing.

Comment by judith boggio on September 5, 2009 at 9:57am

You are also helping the community..you are removing that eyesore
An investor that looks for properties in need of renovation generally provides the community surrounding that property with a great service, if in no other way than by removing a possible eyesore, or just increasing property value all around by making the real estate property more appealing.

Comment by judith boggio on September 4, 2009 at 12:06pm

You must know what a house will sell for once you fix it up. Prepare yourself with research and get to know your chosen real estate market.

Comment by judith boggio on September 4, 2009 at 11:30am

Do it right, and you can make a lot of money; make some mistakes along the way, and the outcome can be a substantial financial loss.