Posted by Jasonrei on January 06, 2003 at 22:47:29:
Flipping means both those things. Maybe a more appropriate term for what you’re talking about is “rehabber”. In my mind a rehabber sells after he repairs, he doesn’t rent out.
I don’t quite understand the second part.
when i think of the term “flipping” i think of buying a house, fixing it up and selling it within a few months time. recently, i have read that “flipping” is buying and selling immediately (within a few hours or days). is there a different term for buying a run down house, fixing it up, and then selling it within a few months?
also…in terms of financing…i have read that in “flipping” u have to pay off the property before u can sell it. if i were to buy a property and fix it up within a few months, would i be able to get a mortgage (a 1 year ARM) and then pay off my mortgage with the money i got from the new buyer?