All Forum Posts by: John Williams

I recently talked to a lender about getting a mortgage for a foreclosure. I told him that I wanted to purchase the property, do some moderate rehabbing, and then resell the property. He seemed confused that I wanted to buy only to resell a short time later (flip). Is this because conventional/investment property loans aren’t normally used for flips? I realize that I might have to hold it for up to a year with this type of financing. Is he just not used to dealing with flips? I said I thought the property was a decent deal (asking 96k when comparable houses sell for 130-140k). However, he said something along the lines of “the seller wants to make a profit too, why would it be underpriced?” Because this is my first deal, his confusion has caused me to be a little hesitant. Am I doing something wrong here? I thought bank owned foreclosures were often sold at a discount. Am I misunderstanding something? Thanks everyone! John

Hey everyone! My name is John Williams and I am from Phenix City, Alabama. I am in the military and will be moving to Clarksville, Tennessee in the near future. I am brand new to REI and I am looking to educate myself and learn as much as possible. Eventually I want to purchase and rehab a house in Clarksville.

I look forward to meeting some of you all at local Real Estate Events!

Thanks!