So we have a REO Fannie Mae under contract for $45k and flipping for $54k. Buyer is under contract and we are doing a double close. Should close in less than 30 days! $9k profit - I find property and partner finds buyer, 2 hours of work!
Okay heres the info for FM REO:
I spoke with the REO agent and she gave me deep insight on Fannie Mae's requirements. She mentioned that you can't resell property after 90 days, unless you stay within a 120% resell range.
Purchase REO at $40k x 120% = $48,000 = $8k profit!
Anything over 120% you hold for 90 days.
Now go out, make more money and let 'em rip on the Fannie Mae REO's...hope this helps! :mrgreen: