i have never use flip option while trading property. what is this? can any one guide me? how can i use it while dealing property?
ca i use it in foreclosure process?
Are you talking about flipping a property as in buying, renovating, then selling a home?
Also, how many backlinks are you up to now?
i a asking about flip option in buying wholesale property!
What exactly do you mean by flipping the contract? or do you mean wholesaling the contract? if that is the case it is becoming more difficult with REO’s because the banks are putting clauses that forces you to hold the property for at least a month before you can resell it.
From what I have read, if you want to wholesale a REO i.e. get it under contract and then flip the contract to an end buyer, you can get the REO under contract in the name of an LLC, and then sell your interest in the LLC to your end buyer, who then closes on the sale. One challenge is the proof of funds that the bank will require when you make your offer. The bank will expect the proof of funds to be in the name of the LLC or of a member of the LLC. However, there are hard money lender sites where you can get proof of funds letters. If you try it out, let me know how it goes.