how do i go about obtaining such a mortgage and what are the pitfalls i should look out for? i plan to sell it very quickly with hopes of making a profit. are there any things i need to look out for?
2007-03-19 12:50:34 · 4 answers · asked by VanillaIce 3 in Business & Finance ➔ Renting & Real Estate
Finding a 0 down for a flip is hard to do. Make sure that you don't have any pay off penalities.
2007-03-19 12:59:41 · answer #1 · answered by ttpawpaw 7 · 0⤊ 0⤋
That's so 2004.
You've heard about the real estate bubble popping, right? Prices not going up nearly as much as before, or even going down?
OK, if you feel compelled to do this, the first thing you want to do is consult with an independent mortgage broker and see what he/she can line up in the way of financing.
Pitfalls? Yes, namely that lenders are tightening credit now, not loosening it. Many are getting burned on zero down loans they've made. You also run a very high risk of not being able to sell and make a profit, after buying and selling expenses are considered.
Good luck to you.
2007-03-19 20:27:56 · answer #2 · answered by Uncle Pennybags 7 · 0⤊ 0⤋
The ability to buy 0 down has fallen dramatically since the fall of the sub prime lending companies. We do 0 down loans all the time, but the qualifications can be tough for certain purchases and fairly simple for others. You can email me at flipthathouse@acginvest.com since yahooanswers does not allow links. Happy to help.
2007-03-19 20:42:18 · answer #3 · answered by flip that house 1 · 0⤊ 0⤋
http://www.breakingbubble.com/
Duh
But i do have some Tec stock to sell.
2007-03-19 21:07:12 · answer #4 · answered by Anonymous · 0⤊ 0⤋