Slow Flipping in Memphis-contracts needed? Foreclosure and eviction laws?

Question

Hey there!

If you're a slow flipper in Memphis, please share with me 1) what contracts you use and 2) info about the foreclosure/eviction process.

Thanks!

Jill

Jordan Ray · Answer

Foreclosure/Eviction? These are 2 separate things. What is a slow flipper?

Jaycee Greene · Answer

@Jill Addison So, this is where a property is sold at an inflated price to a LMI borrower that will mostly likely default on the loan in a couple of years and then the process starts over with a new buyer?

Rather than doing such a Rent-to-Own model, I might suggest introducing prospective buyers to local banks or credit unions with FTHB loan programs or a CDFI that targets their financing programs to the underinvested communities in which I assume these properties are located.

Jaycee Greene · Answer

Hi @Jill Addison Can you share what you mean by a "slow flipper"?

Jill Addison · Answer

Slow flipping is a new term for an old practice: buy a house, then sell it someone else with seller financing.

Slow Flipping in Memphis-contracts needed? Foreclosure and eviction laws?

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