I’d like to flip my rehabbed property before 90 days, since my contractor will finish the work in 45 days. Should I list the property with “no FHA loans” or should I wait it out and list it to all buyers after the 90 days. The 3 bd/2 ba property is in Irvine, CA and will be in the low $600,000 range and is in an area that is currently getting multiple offers, typically for more than the asking price. There is not alot of inventory so it’s really a hot seller’s market.
Set up your closing for day 91.
Rehabgirl,
Would you mind to share any more details on the Irvine rehab?
I’m also in SoCal… L.A so looking to be inspired by people that are successfully flipping homes in this market.
Did you buy it as a REO property? how much % below ‘market’ or ARV did you get it for. How much work needs to be done?
How about it you list it as no FHA , just until the 90 days is up? …then change the listing?..
You can’t set the closing for Day 91 as they will not begin processing the papaerwork until day 91. But you can wait it out. I just had one where everything was ready to go one the seasoning period ended and we are on the way to closing fairly quickly now. Get it on the market. FHA is the majority of my buyers right now.
Investorman-I’d love to share more on the property, that’s why I love this site, people share info and it builds everyone up. The property was auctioned at a probate sale through the County last Thursday. It was offered at $395,000. Nobody bid on the property, but it was a great price. After the auction, I checked out the key and previewed the vacant property. There was a crack in the slab, but otherwise, the market value of this property was around $620,000 after being fixed up. I figured $40,000-$50,000 for the remodel but I coudn’t check the electricity or plumbing-not turned on, and there was a pool w/ equipment in question. The property was available for purchase today at noon for the minimum bid and would be available every week until it either A) sold or B)went back up at the next live auction in 3 months (the price would be lowered). I showed up at the probate office to make my bid and there was a gentleman there with his pre- teen son. He was there to offer whatever it took for his son to be on the waterpolo team at the local high school where the property was located and said he was willing to bid the house up to whatever he needed so his son could play at Northwood. I bid against him in a room with the auctioneer until I reached my max, $430,000, then I walked. I shook his hand, walked out of the office and he asked me if I wanted to rent it from him. The guy was an idiot. He had no intention of living there and will probably lie to the school saying it will be his primary residence. As I walked out, I ran into a seasoned investor who was returning the key from previewing the same house. He told me I just dodged a huge bullet as there were huge geological issues under that house and the 1/2" crack was a sign of other structural problems. So I didn’t get the house, but by God’s grace I saved myself alot of potential repair costs-he said $10,000-$15,0000 minimum. So I start at square one, but I learned alot and made a new friend!