Monday, January 18, 2010
FixAFlip Funding
My email box has been flooded, and our customer service departmentis working overtime tring to keep up with all the new excitementin property flipping -- all due in part to the FHA's new waiverof the 90 Day No Flip Rule.If you didn't read my last email, here's the news: FHA haswaived its requirement that a property be seasoned for 90 daysbefore it can be resold to a FHA buyer. This is a huge greenlight for property flippers by Uncle Sam!But ... before you get too excited, there's one BIG caveat.FHA will NOT allow same day flips.What, you say?Read it right here: http://www.hud.gov/offices/hsg/sfh/waivpropflip2010.pdfIt indicates that a requirement is that the "Seller holds title to the property." (see 1(a) in the above document). That means when the C buyer's loan is underwritten, the B investor must already be on title, which essentially rules out "same day" flips to FHA buyers.That's why my phone has been ringing off the hook, andour customer service department is working weekends ... becauseEVERYONE wants FixAFlip Funding now, which will enable youto flip properties beyond just 1 day.We're holding one last, final FixAFlip webinar tomorrow night(Sunday) at 8:30 PM ET, 5:30 PM PST. After that FixAFlipwill be closed, as we simply cannot keep up with the demand andwe need to provide capital to our existing members.Here's the link to join tomorrow night:https://www2.gotomeeting.com/register/722962442The new FHA rule will open doors that have been closed before,not only because of the new FHA buyers, but also becauseit removes the cloud over property flipping -- real estateagents, loan officers, and title companies who were once adverse to the idea will be embracing it in record time.So jump on this now, because after tomorrow night we're closing FixAFlip to new members for awhile:
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment