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"House Flipping"
www.flippingsmart.com Dominic Kirchner II and Matt Kearney give a tour of 9 Milford Street, Springfield MA, and talk about what they’ll do to fix it up. How many TVs does one house need?
Question: Repositioning (flip-flopping) a bathroom and kitchen?
I have a wood ballon frame house with 2 apts. I live in the second floor until. There are no load bearing walls internally besides stairway. The layout in my apt. is terrible — bathroom facing south garden and kitchen in the middle of the house with windows facing house that’s 5 feet away. I wanted to “flip” the positioning–putting the kitchen on the south end overlooking garden where the existing bathroom is (removing bathroom walls) to open up a large kitchen/living room area, and put the bathroom in the middle of the house. Has anyone done this, have advice, recommendations? Has anyone repositioned a waste line? I’m a homeowning newbie. Any relevant responses appreciated!
Answer:
Answer by Leo L
I just did this. Planning is the key. Get a good contractor and make sure all the details get agreed to on paper, before work starts.
Question: refinance home with equity to pay off liens???
My husband and I purchased a home in TX. When we purchased it, my husband had several liens that transferred over to the house. Our mortgage broker knew this beforehand, and we got into a really bad mortgage situation (we were going to ‘flip” the house, but the liens kept us from doing this). Now, we have over $ 20,000 equity in the home and we’d like to refinance it to pay off the liens. Our credit scores are in the low 700′s and we are self-employed. The lenders that will work a loan require the liens to be paid off first, and the lenders that will refinance to pay the liens deny us. Can we refinance the house to get out of the really bad mortgage and not pay off the liens? Or do we have to pay off the liens to refinance? Ideally, we’d like to pay the liens off (the equity would pay all the liens off plus some) but our ARM is set to adjust in October to an ungodly amount, and we need to refinance. Any solid suggestions would be most appreciated. Thanks for your time.
We do have a proof of income issue. Our CPA does his job a little too well. YTD we have made over $ 85K, but that doesn’t matter. We still can’t get refied. We’d like to have the liens paid off at closing. BOA, where we bank, won’t do it. Do you know of any other banks that may refi us? Thanks again for your input.
Answer:
Answer by jen_ny6
Given the state of the mortgage market these days your going to have to pay off liens before any reputable mortgage broker/banker will help you to refinance. I agree that you want to refinance before your arm resets. When you do refinance go with a fixed rate loan. Good Luck.
Question: Can I sell my HUD home if I haven’t occupied it for 12 months?
At the time of purchase, I had no idea that I would be moving within the year. Therefore, when I signed the paperwork I was completely honest when I said I “intended” to occupy the residence for 12 months. But, life happens, I had a child, and moving became the best option. The final paperwork was completed at the end of June 2010. It has been on the market since late February 2011. I may have an offer coming in and I wanted to make sure I was doing everything correctly. When I purchased the home, I definitely did not intend to “flip” the house. After buying it, I did make repairs but the house still isn’t in that great of condition! Just wondering if it’s still okay for me to sell now, considering that extinuating circumstances required me to move before one year passed.
Thanks for any advice!
Answer:
Answer by richard t
I’ll assume you bought a HUD home as an owner occupant and signed a contract that you intend to occupy this home for at least 12 months. Here are some exceprts that I found from a good article (link below)
“Misrepresenting that information can involve a fine of up to $ 250,000 and/or two years in jail,” she added. “We don’t take it lightly.”
However they go on to say:
“While owner-occupant buyers are supposed to live in a property for a year after purchase, Maggiano said it is a difficult rule to enforce. “We probably wouldn’t even know about it,” she said, if the owners resell the housewithin a year. “We don’t go back and check on the occupancy status of each one of those houses.”
I can see where lots of investors take advatage of HUD. You did intend to occupy in good faith and Hud shoudl be happy if they do not take a loss on the property.
flippingsmart.com Dominic Kirchner II and Matt Kearney of Hampden Homebuyers give a tour of the work in progress on 61 Eton St., Springfield, MA on November 15th, 2010. Music, camera and editing by Tom Knight
Question: Gifting Money for a Real Estate Investment, Cincinnati?
My two younger brothers want to “flip” a house. I have some money saved that I was going to give them to help purchase and fix-up the property and then when sold, I’d share in the profits. I don’t want to be involved in the paper work or have my name on the title of the house. Basically they’re just two guys buying and selling a house, not a company or LLC and I’m giving them money and hoping to make a more money back.
What are the legalities in terms of “gifting” large sums of money as investment money and being able to receive funds later as a profit?
Answer:
Answer by the tax lady
The IRS calls this a loan or an investment.
It’s NOT a gift.
Put together a promissary note with interest rates and have them sign it.
Question: How to buy my first home? HELP!?
I’ve been doing research on buying homes. I’ve never bought a home before. I have about $ 30,000 saved up to buy a house. I want to invest my money to buy a home, remodel it so I can sell for a higher price. I believe the term is I want to “flip” a house. I’ve been researching for the past few days. I’m really confused. I need “buying houses for dummies”, lol. And yes, I know I have to wait at least six months before reselling. I’m very patient. I can wait years for the market to increase the selling price. I’m in no hurry to sell, but I AM in a hurry to buy. Any advice, web links, phone numbers or anything at all would be great. THANKS!
Answer:
Answer by TB2
Go to Business and Finance and ask there, there is a subsection for Real Estate. You’ll probably get a good answer there.
Visit my blog to see what else I’m up to www.JamesBroadfoot.com … This video series is tracking the progress of my first house flip experience. Now is a strategic time both historically and economicly based on the general financial tides and shifts that are occurring both in the US and globally to take advantage of opportunities in the real estate market. For more marketing tips and online business strategy. My philosophy is to stay busy and stay motivativated and constantly seek out ways to diversify and take advantage of new opportunities. In addition to offering and recommending many excellent online methods of generating an income online, I have been presented with this exciting opportunity and challenge. Please subscribe and offer feedback and join me on this adventure. The internet and social media in general opens up new possibilities every day. Exploring and creating multiple streams of income in a wide array of interest allows you to learn new skills and profit from these different areas of expertise. Please visit my blog to see some of the ways I generate income online. Combining your areas of offline expertise with the technology at our fingertips will bring about more abundance and opportunity now than ever before. James Broadfoot 2009 Real Estate Investing House Flipping Entrepreneurship Home Renovation Foreclosures
Fixer Upper investors can usually grasp the basics of flipping houses pretty easily. Selecting the correct kitchen faucet is an important choice in house flipping. In this flip a house episode, we’ll take you through several house flip tips that we use to select kitchen faucets for our house flips!
2 Deals being worked on at the moment with Freedom Real Estate.
Question: My hamster suddenly acts differently. Is she okay?
My one-year-old girl hamster, Goldilocks, has been acting a bit off lately. Early yesterday morning around 7am [Dec. 15], I woke up to her sleeping in her little “tower” [she has a Crittertrail Dazzle]. She usually sleeps in her little house in the main level. I noticed that the house she slept in was completely turned over & upside down. [She tends to "flip" her house when she stores her food in the house & wants to get it again.]
I thought that maybe since it was flipped over, she just found another place to sleep. I turned it over, but she hasn’t returned yet to sleep in it. She’ll go in for a few seconds, then come back out. I thought that maybe when she was trying to flip it over, it hurt her in someway & she got scared of it.
I’m fine with her sleeping in her tower because I’ve read that hamsters will change sleeping locations, but I do find it a bit odd that she’s been sleeping in the house for a year & all of a sudden, she decides to move after the whole flipped house occurrence. While I am fine with her sleeping in it, I do get worried because she tends to take a lot of bedding with her & it’s gotten jammed TWICE now in the tube; once she got stuck in it, so I had to fish it out. That really scares me because I may not be here if it happens again. )=
Also, she has a bathroom attached to her cage. Ever since yesterday morning, she hasn’t used it & just used the corner. I changed the litter because when it smells just a tad bit too much, she won’t use it.
My boyfriend speculates that it was because we had a really small earthquake [we live in SC] & she’s acting erratically because animals have heightened senses on things like that.
Is there something wrong with her? I’m getting worried. /=
Answer:
Answer by animal lover!♥
Before my hamster died, he wouldn’t sleep in his pent house. Instead he would sleep, eat, pee & poo in the same corner. This was a few days before he passed away.
If your hamster is getting stuck, put some paper towel (shredded) in her cage. It looks like a lot, but compacts when she puts it in her pouch. She shouldn’t get stuck as often.
Hope I helped.
You might want to take her to the vet, also.