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Updated about 5 years ago on . Most recent reply

James Charmello's profile image
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James Charmello
  • from South Amboy, New Jersey
  • Member since Jan 1, 2016
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James Charmello's profile image
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James Charmello
  • from South Amboy, New Jersey
  • Member since Jan 1, 2016
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James Charmello
  • South Amboy, NJ
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Creative Real Estate Financing

203k loans on a flip

James Charmello
  • South Amboy, NJ
Posted

Hi I'm new to real estate flipping, and was wondering if anyone knew if the MLS listing only accepts 203k loans to purchase, why the seller only accepts this type of loan and is it a good or bad thing, and should I avoid getting involved in this type of purchase?

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Kristin Smith's profile image
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Kristin Smith
  • from Vermont/Tennessee
  • Member since Sep 9, 2018
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  • from Vermont/Tennessee
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Kristin Smith
  • Vermont/Tennessee
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Kristin Smith
  • Vermont/Tennessee
Replied

If you are looking for a quick flip, a property that only qualifies for a 203k loan may not be for you. All FHA loans require you to live in the home as your primary residence for one year minimum. If you can do that, its a great option.

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