You must be logged in to reply to this topic.
-
Make a list of repairs on what you put into the house. Might have to give it to the buyers lender who is performing the loan to justify the price. Those un-experienced appraisal companies or HVCC might kill the deal but better to do this ahead and validate why you are asking the price you want. A experience appraisal company will justify your selling price, hopefully. What are your thoughts about this tactic on giving a list of repairs on the property cash flow members?
You may need more than a list of repairs. The lender will probably want to see receipts for each and every repair.
if you’re making more than a 20% profit you’ll need to jump through some extra hoops. And it may require two appraisals – at your expense.
But it’s all doable.
Jackie
buy, sell, buy, sell as many as you can to create CASH
there are rules and restrictions that you need to be aware of — I think you can’t sell for more than 20% of what you bought
it for unless you can substantiate whyinterest rates will go up too
It’s actually 50% in Texas and you have to hold the property for 90 days. You can’t turn in a contract until you have owned the property for 90 days. I sold a house FHA last fall. I had it for a little over 90 days by the time it was sold. I bought it for 75K, sold it for 144K. I had about 25K in repairs, however they didnt care as long as the selling price was less than 150K….75K X 2..
Melissa
They just changed the rules!!!! — now there is NO holding the property for 90 days and you can make as much equity as you want if you can substantiate the repairs
We will discuss this more in the Tuesday night conference call on 1-26
starts at 7 pm centralcall 1-218-862-7200
access code 890338GREAT to see you on the forum!
stop by often, ask questions and share ideas.
You must be logged in to reply to this topic.
