Updated almost 11 years ago on . Most recent reply
Seasoned Multi-Family Manager/Investor, new to Single Family Flips
Hello BP,
Professionally I have been managing/flipping 200+ unit apartment communities for 10 years, now I'd like to do a few single family deals on my own to supplement my income. I have financing lined up, a set of contractors at my disposal and I believe I am ready to move on a few foreclosures that I have found.
One of the deals that I found can be picked up right now for $100K, the house right next door just sold for $150K and the foreclosure is 200 sq/ft bigger. There is only $4K in rehab costs necessary, and I get the work done w/in 1 month of closing.
As I mentioned, I'm new to single family so I ran this by a loan officer that I know. His concern was that if I buy the house for $100K this month then place the house on the market for $150K+ next month, that the buyer's financing would have an issue approving the loan since the house was just sold the month prior for $50K less.
Has anyone ever had this issue when flipping? Thanks in advance for any insight you can provide!