All Forum Posts by: Mark Gallagher

@Jay Hinrichs

My head won't fit out the door today... thanks!! 

But it's not anti-flip if you want to buy it and sell it for less than $119,000 in under 90 days. Also, even if you rehabbed it in 30 days, you put it on the market for $200,000 and had it under contract in one day, you would simply need a 60-day close. So it's really not all that anti-flip. You can't take something for $100,000 and sell it for $200,000 the next day, sure, but the odds of that are slim to none. 

@Sandy Uhlmann

What ended up happening here? 

@Account Closed

Fannie Mae properties are sold with 90 day deed restrictions that say you can not resell or place a mortgage on the property for more than 120% of purchase price, in the first 90 days. 

If you buy for $100,000, days 1-90 you can sell for up to $119,000, or place a mortgage for up to $119,000. Day 91 you can do whatever you'd like. 

@Max T.

If you're going to live there, you could do a much higher LTV than 80%. You could do 95%.

@Kavita B.

HomePath inventory is at or approaching all-time lows. Fannie Mae sold bulk pieces of their delinquent portfolios. There are scraps hitting the market here and there. As @Darren Sager stated this probably also isn't a good place to look if you're looking for turnkey investment properties. 

@Tara Ballenger

They're finishing up two more mid-rise residential buildings so it will be interesting to see what happens to the downtown area. It will only take someone with deep pockets to start transforming the residential areas. I wish the city would focus more on rehabilitation of the existing areas of residential nearby. Provide some Incentives for developers to come in. 

I purchased a vacant lot on the 400 block of Daggett Street from HUD a few years ago to flip. I had a buyer, but title issues were discovered. I haven't had enough time to clear the title issues. If you're willing to clear the title issues, and pay the back taxes and stormwater bill (~$1500) it's all your's. I know there were some listed for $10,000+ last I had looked. I had sold another one on the block quickly for $2,500, and had this one under contract for $2500 as well, a few years ago. Maybe a quick return for someone looking to do some leg work and paper shuffle. Message me if you want more info.

@Jason Schimer

1) I don't think the market is peaking

2) If you buy right, you should always be able to refi out. If you're buying at 50% of market, and the market dips 10-20% you'll be right but still have room to refi almost all of your costs out. 

@Adam S.

Good luck, you will find plenty of great resourceful folks on BP.