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All Forum Posts by: Karen Stone

Karen Stone has started 3 posts and replied 6 times.

Post: Realtor or no?

Karen StonePosted
  • Home Improvement
  • Powell, TN
  • Posts 6
  • Votes 1

Good point, @Steve Vaughan.  Thank you!

Post: Realtor or no?

Karen StonePosted
  • Home Improvement
  • Powell, TN
  • Posts 6
  • Votes 1

@Account Closed - thank you!  That is very helpful!

Post: Realtor or no?

Karen StonePosted
  • Home Improvement
  • Powell, TN
  • Posts 6
  • Votes 1

If you are flipping a house and trying to keep costs low to retain profits, do you hire a realtor, or sell "by owner" - what do most flippers do?  

Post: Financing a Fixer-Upper

Karen StonePosted
  • Home Improvement
  • Powell, TN
  • Posts 6
  • Votes 1

I'm new to the flipping houses business. We haven't started yet, and wondering how to go about everything. We currently live in our own house that we have two additional reno loans (therefore, we have 3 total loans - a mortgage, an LOC, and a regular loan). From what we know, no one wants to be the "3rd lien", so to get this started, we are hoping to refinance the house we own, and then buy our first fixer-upper.

We would not have the funds out right, so we'll obviously need to take out a mortgage for that house.  SO...my question is:  how does it work when you buy a house, knowing you need to make renovations?  If, for example, you buy a house for $100,000, and expect the renovations to cost $25,000...would the bank just issue you a $125,000 mortgage?  Or is there a special type of mortgage?  And do they just give you the $25,000?  

That may be a silly question, but any advice would be very helpful!  Thank you!

Post: Dabbling in Tennessee

Karen StonePosted
  • Home Improvement
  • Powell, TN
  • Posts 6
  • Votes 1

Thank you so much!!  This is all so new and a little overwhelming - it's hard to figure out where and how to get started.  I really appreciate your advice!

Post: Dabbling in Tennessee

Karen StonePosted
  • Home Improvement
  • Powell, TN
  • Posts 6
  • Votes 1

Hoping to learn about wholesaling, and eventually fix & flip work. My husband is extremely handy, and I have design sense. We both are very interested in doing this full time and are hoping to learn a lot through this site before diving in!