I dont care if i can get cash out just want to refi the property in time of the note expiring and lowering the interest rate and amort it over 20-30 years.

Many areas have home stead exemptions that can significantly lower the rate. so what current owner is paying may not be what you will be paying.Also what is the valuation the taxes were figured against compared to new sales price. those taxes could raise significantlyYour insure estimate would be extremely low compared to my area in Georgia.

We were able to get a 80% of rehab value on a 20 yr term at 6%.We decided to wait and do a traditional mortgage since it would return more of our cash and get us a better rate as well as a lower monthly payment.

So you can change the down easily enough if you find they actually put more down.This doesn't tell the whole story but it generally answers your question.What is left out is that when going to selling, the owner ends up spending about 8% of the value of a home on real estate agent fees, & other closing costs.So, selling a home at $120,000 costs the seller about 8% or $9,600Keep in mind that 3 different appraisers will give 3 different values and they could be 15% higher or lower than the other guy.

Hi Monte, returns are certainly better in Greensboro than Chapel Hill (meaning per square foot prices are lower in Greensboro) so if you are trying to get in the door, would suggest trying Greensboro.

However, in my experience there is a lot more competition for larger properties these days which translates to higher prices and lower returns.That may not be true in your area so I would encourage you to just review as many properties as possible and run the numbers on all of them.

Its currently occupied and the rent being charged is way lower than comparable houses in the area.

Maybe $2450 a month for a 3 month lease - month to month after and a lower rate for a year or more.

What will you change on your next flip to decrease the renovation timeframe?

A friend told me there may be a way to defer capital gains taxes if purchasing a home within a certain time frame.