Developer · Los Angeles, CA · Member since 2015 · 48 posts · 12 votes
7y
@Faye Vio First of all, welcome. Feel free to reach out to me 1:1 whenever you want.
It is not realistic for you to find, purchase, renovate, list and sell in 2-3 months. Just the escrow period these days is 40-45 days for anyone with a loan.
You may have a scenario where your contractor is lined up, cash is ready, the home requires no additional work and after a fast upgrade, you receive an all-cash offer without any contingencies. But... that is highly unlikely.
Plan on:
- 2 weeks to acquire keys to the property
- 4-6 weeks on a standard full remodel (under 2500 square feet)
- add in 2 weeks for buffer, staging & other fixes
- Time on market: 45 days
- Escrow: 45 days
If you are fortunate to get the right buyer and offer to speed things up, that's wonderful, but never plan on it.
Also: I would highly suggest not using HML anymore. The rates and points-up-front make the profitability nearly impossible. The margins are thin again. Use all cash, or partner with someone else on an all-cash flip. You can gain experience while making some money.