Looks like the Fix n Flip real estate business is back in business. According to the government's new HUD Guidelines that allow you to acquire, rehab, and sell a property to buyer's with FHA Funding without the 90 day seasoning rule.
In the past, you had to sit on the property or find some way (via lease option or what have you) to move a property that you recently acquired and rehabbed.
Looks like no one really wants properties just sitting there!
When you read the guidelines using the direct link to HUD's site, you'll see that the parameters are pretty reasonable. http://www.hud.gov/offices/hsg/sfh/waivpropflip2010.pdf
All they're trying to do is make sure this isn't a flipping scam and that your selling price isn't over inflated. They still have a problem with you making 20% plus profit on your deals, and the revisions may just be temporary- so keep that in mind.
So as long as you play by the rules, you should be able to start moving those properties quickly with these hungry buyers waiting with FHA financing.
See you next time!
Dennis
In the past, you had to sit on the property or find some way (via lease option or what have you) to move a property that you recently acquired and rehabbed.
Looks like no one really wants properties just sitting there!
When you read the guidelines using the direct link to HUD's site, you'll see that the parameters are pretty reasonable. http://www.hud.gov/offices/hsg/sfh/waivpropflip2010.pdf
All they're trying to do is make sure this isn't a flipping scam and that your selling price isn't over inflated. They still have a problem with you making 20% plus profit on your deals, and the revisions may just be temporary- so keep that in mind.
So as long as you play by the rules, you should be able to start moving those properties quickly with these hungry buyers waiting with FHA financing.
See you next time!
Dennis
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