need to buy with as little down as possible 10% down pre-renov. value 50%. re-hab paint, carpet, little in kitchen and bath. than refinance out for about 80% in less than 3 months. did this with bank one but bought with cash and re-financed it with an equity line. anybody have any ideas on how to make me a millionaire, lol.
helocs are definately the way to go if you want to avoid closing costs and have access to the equity when you need it.
[b][/b] your right about the heloc. is there lenders, direct ones like chase, ncb, etc…, who will do refi’s when you you just bought a couple months ago and than want to refi after some repairs and the comps merit the value.
Doable, but getting tougher. Many lenders now have seasoning requirements of 6 months…for some reason they want to discourage flipping. Some lenders only have 90 day seasoning (you’ll have to do some research) that should serve your needs. Be prepared to make a strong case as to why the value has risen so rapidly. Before and after pics work beautifully when coupled with a detailed Scope of Work Performed.
Based on the title of your post, your major problem will be flipping HUD’s. They require an Owner Occupant to maintain residency for a year. Bid as an investor, you’ll have major problems even getting your bids looked at. When receiving bids, HUD separates into two piles, OO and NOO/Investor. They go through the OO’s first until they find the one they want. Only if no OO bids are acceptable will they look at the NOO bids. Definitely not investor friendly.
Good luck,
Dave