30 to 90 days on short sale flip

[Marcus Porchia]

Hello to all BP members! I'm a new investor I and want to go after short sales and foreclosures and flip them to a end buyer but from what I understand there is usually a 30 to 90 period before you can sale the property. So I have two questions? Would it be worth it for a investor to wait 30 to 90 days on a property? And if so are investors willing to wait that long to get into the property? Thanks in advance for your help.

[Jacob A.]

@Marcus Porchia

Very very very few flips go less than 90 days in total from buy to rehab to sale to closing. You have to figure your average flip is going to take anywhere from a few weeks to a few months to rehab and the closing process on the sale side will take anywhere from 30-60 days (if getting traditional bank financing). All in all, if you can buy a home, rehab it, sell it and close on it in under 90 days you are a champ in my book. So to answer you question, yes it is worth it in most cases but it all comes down to the numbers. Budget for 6-9 months of holding costs and see if the deal still works. If it does, you have a winner.