All Forum Posts by: Chelsy C

I made it clear it's an investment property, but I didn't say I will sell in a few months. it's not a first time buyer credit, it's lender's credit with higher interest rate.

I saw on some of your post that you have flipped the property with conventional financing. i have several questions, I much appreciate if you could help.

1) How to get the hazard insurance when I applying for conventional mortgage? I closed the escrow used a rental policy for 30 years fixed. Now the agent calling me if I have the tenants yet. If i told them it was for flip, will my bank take the mortgage back? or demand me to pay off right away?

2) I got some credit toward closing with this lender, roughly $4k. if i sold the property in 4 months, will I have any issues?

3) what vacancy insurance to use in this case if I have to?

I am buying as investment property not FHA owner occupied.

In this case, do I buy general rental insurance or vacant insurance?

My insurance agent with Farmers told me, it is only ok with the rental insurance for the first month while rehab. after one month, I have to change to vacant policy?

I heard if a conventional buyer put down more than 30%, the loan is mostly approved if the appraisal comes inline. I personally have seen someone resell for 100% gain within 4 months too, they have no very little rehab, just add the desk, finished the floor.

a lot of good answers from Biggerpocket, that's why I like this forum.

is there any potential issues of doing that?

thanks I will go to the flip forum.

Thanks Max and Bryan. the property I am buying is with $164k, I am financing it with conventional 30 years fixed. If I do it right and the market is not going down further. I might can sell from $280 to $300k. what do you think about the deal with those works need to be done? I am thinking the rehab fee of $30k, and selling fee and everything else with $35k. So I need to sell more than $230k to make money on it.

6) if I bought the property with 30 years fixed. what insurance should I get?

Thanks all in advance, I have been reading this forum for 2 months. I finally found my first flip and will close escrow on 7-5-2011.

The property needs a new Kitchen, bath, fence and yard work, also inside and outside paint. And I considering replace the roof, the roof looks like 20 years old, but no leak.
My question and concerns are:

0) Do I need to replace the roof even know it's not leaking for flipping the property?

1) Do I need to hire a license contractor having insurance to do the job? if so, is it better to hire a contractor for remodeling the kitchen and bath, and the other contractor for painting and one more contractor for the yard work?

I am thinking to have my uncle to do the work, so I don't have to worry about the liability issues, not sure it's a good idea since he prefer paying cash.

2) What insurance policy I need to get while remodeling and selling period? vacant and renovation policy?

3) I have took out some pictures of the kitchen cabinets and image of the baths from the web which I feel It's very nice, and I would like the contractor make the same. However how can I find out where to purchase those custom cabinets? I looked at a few local stores, and they don't have them.

4) usually how much I am looking at for those works new kitchen and bath, and the other contractor for painting and one more contractor for the yard work?

5)Is better to get a owner permit to do that work or contractor permit or do it with noo permit from the city? I see a lot of rehabbers prefer not getting the permit due to the fees and the contractor charge more due to they have to stop the work and wait for the city inspector to sign off before continue.