Hello BP members
I am looking to buy and flip a townhouse that is in a nice neighborhood . It needs just cosmetics like paint and floor and it is fairly new construction built in 2008 . If anyone has a experience flipping a townhouse ? I would like to know what role does FHA plays in such transaction if any when I am trying to sell this townhouse. What I should know before hand so I don't run into any issues with FHA to complete the sale of the property.
Sorry everyone I mean to ask the role of HOA in such transaction .
The HOA may have rules regarding changes you can make to the outside from type of materials used to colors. Check with them before doing any exterior work.
The HOA may also have restrictions on use of the property. Such as a limit on rental units or the like. Make sure you know about these restrictions so you know who your buyers will be before you begin. If you will only be selling to owner occupiers, not investors, it may make a big difference in finishes used and other decisions.
Thanks Linda for your answer. If you can clarify more what a big difference in finishes used & other decisions means if i sell it to a owner occupier because i would like to sell it to a owner occupant only.
@Ravi Singh I think @Linda Weygant is telling you that a unit used as a "rental" will have sturdy, mid-grade finishes. Maybe the stove is still good (but white) - so you just buy a new white fridge to go with it. When flipping you may wish to invest in some appropriate upgrades. For example all stainless appliances - or tile in the shower instead of a vinyl insert - that sort of thing.
Thanks Teri for clearing this for me ! I really appreciate it .Is it ok with HOA if I buy this townhouse and do interior paint & new carpet and list it for sale on market in 2 weeks.They don`t have any restrictions on when I can resell the property right ?
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