Updated over 9 years ago on . Most recent reply
Flipping Question Urgent **
Hello BP family this is my first post so bear with me. So I am fairly new to Real Estate Investing just got started about 2 months ago have my LLC and team in place and growing. So me and my partner who is an agent are looking to do a flip this summer and finance it ourselves, however she told me that in order for the 'flip' to sell we have to buy a house at a certain price point for the buyers of our flip to take out a mortgage and purchase it from us. She said we should only be looking at houses above 50k purchase price.
I wanted to know how true this is. When you guys invest for a flip does the property have to be above a certain price or can I buy for e.g a 20k property and flip it and the home buyers can still get financing on it?
Any input would be greatly appreciated as I am trying to find a distressed property ASAP !
Most Popular Reply
No - what you paid for a property is irrelevant. I just bought a lot for $82500. The ARV for the house I will be building on the lot is $305,000 and that is the figure lenders will look at.