Posted by Diane (TX) on January 05, 2003 at 22:15:08:
“Is there a different term for buying a run down house, fixing it up, and then selling it within a few months?”
Yes. That’s called rehabbing.
“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?”
Getting the ARM depends on your credit and/or the value of the property. When you sell the loan is paid at closing.
flipping questions…please help!!! - Posted by dan
Posted by dan on January 05, 2003 at 18:06:36:
i am quite new to this, please forgive me.
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?
thanx,
dan