House flipping with a mortgage

[Joseph Nardiello]

Wanted some advice. Thinking about flipping houses. Just wanted to know if putting down 50k for a down payment for a house,then flipping it and paying the rehab cash is a good idea.Basically is flipping a house then trying it sell it as quick as possible with a mortgage a good idea.

[Craig Jeppesen]

Yes it is a great idea if the numbers work. Some flips are hard to get a traditional mortgages on them but some can. Sometimes you have to do an escrow holdback for lender required repairs. I have a mortgage right now on the flip I just finished. I had to put in a kitchen floor in 30 days to get the loan as the floor was tore up pretty bad. I just put it on the market and have it under contract for 5 k more than listing price. I would not have been able to do the initial deal without financing.