Real Estate Investor · Gainesville, GA · Member since 2009 · 241 posts · 34 votes
I've been working on this SS for a while now, a fixer upper in a great & desirable area !! I plan not to do any work, maybe cleaning - that's all. Based on what the bank is telling me I believe I have a pretty good deal in my hands.
Is 30 days the minimum amount of time required to keep this property before selling? Also, Is there a limit or amount that I need to stay below as far as profit goes? Ex:: Bought the house for $90k and one month later sold for $140 or more?
Banker · Fort Lauderdale, FL · Member since 2010 · 22 posts · 13 votes
15y
FHA Flipping Rules
If you have rehabbed a property dont be shy of an FHA borrower/buyer. If within 90 days - you will need 2 appraisals (usually borrower only pays for one), an inspection report that meets guidelines, be prudent if the seller could show/say what was done on property to substantiate value.
Depending on price range but opening up the buyer world to folks who need/have financing surely increases this pool of potential buyers.
I am in South Florida and values as you can imagaine are all over the place. Folks here have been doing well flipping properties.