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Updated about 11 years ago on . Most recent reply

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6
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2
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Jason Greenway
  • Frisco, TX
2
Votes |
6
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flipping

Jason Greenway
  • Frisco, TX
Posted

I'm new to the real estate game and I'm trying to acquire my first flip (put an offer in Friday) My plan was to move into a home and work on doing the renovations myself, then sell it in 3 months. I know that a FHA loan requires you to live in the house for at least a year. I was under the assumption that with a conventional loan, I could sell it after 3 months of closing. I asked my bank today, and I was told that you have to occupy the house for 6 months before you can sell it.
I have looked into hard money and the rates do not leave much room for a profit. Does anyone know of a way to finance a house where I could sell it in 3 months without hard money or cash?
Thanks in advance!
Jason

Most Popular Reply

User Stats

316
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102
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Dave Savage
  • Investor
  • Rochester, NY
102
Votes |
316
Posts
Dave Savage
  • Investor
  • Rochester, NY
Replied

I am not sure about the rules surrounding your bank loans, but one word of caution: If a HML makes the deal real tight for a 3 month hold I am wondering how tight the deal is to start with, as you pay a lot more closing costs with a bank loan than you typically do with a HML so the few percentage points (even if a 6 month minimum on the HML) shouldn't be making or breaking the deal.

Make sure your deal is really a deal before you jump in. Run the numbers by us or another investor in your area if you would like some feedback.

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