House flipping closing costs

[Jerry Quintiliano]

Hey everyone!

I would like to start house flipping in the near future. When purchasing the house I am going to flip, are the closing costs as expensive as if I was going to buy the property as a regular residence? Like title insurance, etc..?

I am in New York.

Thanks! 

[Jason Bott]

@Jerry Quintiliano in regards to the insurance, there are insurance programs for flippers you should consider. 

With a flip, you acquire a property that may be Vacant for a time, then there is the Rehab process, next it will it will be occupied or Vacant until sold. 

A standard insurance policy can only insure for one of these stages at a time;

Vacant = Vacant building policy

Rehab = Builders Risk

Occupied = Landlord policy

These Flipping programs wrap up all 3 of these stages into a single policy with a month to month billing option.  Much easier and less expensive than the traditional insurance policy.