Updated over 8 years ago on . Most recent reply
When to begin to work in a foreclosure flip ?
Hello BP members ,
Past Friday, I bought a foreclosure home with hard money financing , classic 12% interest with 10% down. The house needs a lot of work and I'm eager to begin to work on it. As this is a HML, I'll be paying $90+ per day. I have been told that is better to begin to work on it after recording which in my county takes three to four weeks, this is $ 2000+ to the HML pocket and an untouched house . How do you sort this type of issue when buying this type of properties ? I would greatly appreciate any help on this matter
P.S it seems that it has clear title
Most Popular Reply
Aaron McGinnis
#4 Contractors Contributor
#4 Contractors Contributor
- Contractor
- Atlanta, GA
If you've got clear title and insurance, I'd say... game on.
'Round these parts, there are counties that take (no joke) months to record a title. It's not unusual for us to have to take a copy of the HUD1 to the county permit dept. to prove we own the house so they can issue a permit to us.