All Forum Posts by: Chris Frydenlund

I'm so thankful for all the great advice. Thanks @Suzanne Griffiths for all the detailed advice on financing. Thanks @Weiler Nunn for explaining how you bought your property. Thanks @Sam LLoyd for the story - it's scary and risky. Thanks @Adriel Hsu for adding additional advice on permits in our local area. 

I think I want to buy a fixer upper, but only one with cosmetic issues, and pay what I can up front to minimize the risk of meeting big issues. Buy it with cash and refinance right after the deal is closed. Then stay in the house the amount of time needed to avoid capital gains taxes.

What a Saturday night. It doesn't get much better.

Thanks again BP members!

@Sam LLoyd Yea, I think I'll stick to homes that needs a lot of cosmetic work. No foundational work or plumbing or electrics. But isn't every older home a ticking bomb when it comes to plumbing and electrics? I don't know how I would be able to avoid a nasty surprise when I start the renovation and stay in it for 2 years. 

@Suzanne Griffiths That's a great alternative, but when would I refinance to a conventional loan? Right after the deal?

So to get 15 days in advantage I must proof somehow that I'm interested to purchase the property with the intention to live there?

Didn't think about the capital gain. Great advice @Suzanne Griffiths. Do some FHA loans have a higher success rate than others when it comes to foreclosures? We are kinda tight on time. Trying to move in no later than October.

Great advise @Juan Cristales. What do you do instead? Are you no longer flipping or involved in any way?

so what about expenses to closing costs when you bought it and will sell it. Isn't it a lot of expenses that eats up a lot of your profit?

Interesting Weiler. How did you finance the property?

Can you explain how right of redemption works?

I'd like to buy a foreclosure as well. 

My wife and I want to get into flipping houses. We are thinking about buying a fixer upper that we can stay in while we remodel it.

We live in Houston, TX/Galveston, TX area and have 15K in cash, so we'll need a loan to finance the property.

We have absolutely no construction experience and have never lived in a house, only rented apartments.

Our Goal

Make an overall profit. Instead of continuing to rent a $1,100 apartment (2 bed) over the next 1-2 years, we could stay in a cheap house. Also instead of paying for rent and temporary mortgages when flipping houses we could stick to one payment. And last to minimize the risk of flipping we would have the opportunity to take the time to do as much as we can ourselves (because of no deadline), buy used/salvaged materials, and stay in the house until we get an acceptable offer.

Questions

1. What's the best way to finance it?

2. Is this a smart way to get into flipping houses?

Any tips and/or suggests would be appreciated

Do you need help with your flip?

I offer my time in exchange for your experience.

I am willing to work for you on a current project, so I can get experience with flipping houses.

Areas

- League City

- Seabrook

- Dickinson

- La Marque

- Texas City

- Galveston

- Alvin

- Friendswood

- Webster

- South Houston

- Pasadena

- Deer Park

- La Porte

- Pearland

- Santa Fe

@Lisa Williams Do you need help in Galveston today?