I have an interest in buying foreclosed property, developing it than reselling it.

Hi everyone,I am learning about the FHA 203K loan to potentially finance my first flip, but am having trouble finding this info...In Connecticut, exactly how long would I be required to live in a 203K property before re-selling or renting it out?

Curious.Yes, when you have a property under contract you have "equitable interest" you can resell the property.

The site probably resells data they get from the local court house data mining services.If you are talking pre-preforeclosures, or where the data is gathered before the NOD is filed, those lists are available as well (based on credit reporting information), but I hear that those lists, while expensive, are pretty much useless since most people are in denial at this early stage.

They quoted me on a $5,000 deductible plan for a vacant property with a premium of almost $2,400/yr with a minimum cost of $250 and them prorating the rest of the usage since I plan to resell very shortly.I am learning from this process and hope would be investors can also learn along the way.Joe

Although I love that idea, I agree with another suggestion to just buy it outright, flip it yourself (don't have to argue with the heirs about what's the right way to change the house), then give them a balloon payment after you resell it.

You can always resell it if it warrants, and I would definitely account for providing the washer and dryer in the rent.

@Juan V Lopez - is there any opportunity to resell it now to someone like a wholesale and including your plans ?

buying the house and reselling it the way that guy mentioned in the post sounds easier than any or facet of real estate.but1) seems like a shameless plug to drive traffic to his post2) Kind of feels like ripping off people3) If you think about it again it is not really ripping off people if its legal and the tenant-buyer was fine with it...Now I'm rethinking my approach to real estate... anyways I also live in Utah and cash flowing rentals are so very hard to find, Wanna go 50/50 on a property outside of Utah?

They waste a whole lot of your time and do not close the deal.They want possession of the property without putting a dime on the table (owner financing, I'll pay your mortgage (maybe) ...)They only want to resell it for a profit and sometimes with a rent to own buyer while you hold the title to the property and take on the liability while they collect a down payment and rent...and BTW, you were not paid a down, or rent...the investor gets 3 paydays, and you risk a trashed house, liability, eviction, everything with the hope you will sell the house in a few years.