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I am a 17 year vet of the mortgage banking industry.I want to flip home in such a way that I’m not obligated and there is virtually no risk. I have developed a method of being able to do this along with some special loan types for my end buyers to rehab / remodel upon taking out either the purchase loan, or if I carry a short term contract, they can do the loan as a refi.

PLease give me some of your advice on deals you have done?
To clarify this particular deal, I would be wholesaling this deal to an end buyer based on current condition. Katey has commented rather harshly, yet she is uneducated in this area oviously.

FHA has a loan known as a FHA203K in which a client can buy a house that needs to be rehabbed and also get the rehab moeny to bring the house to their updating standards. Why would a buyer buy such a house, well the 1st part is they can get an even better deal on this type of house than one that doesnt need to be rehabbed even though it needs to be remodeled. 2 they can remodel the house the way they would like it to be.

I must have not explained it well enough to begin with, but in the end, those that deal with flipping houses via unique techniques, such as using purchase options are well aware of how all this works…..and in the end if I were screwing anybody here, nobody would be touching the deal, quite honestly they get a better deal through me than they would otherwise…….so Katey, lear

1 Thought on Have you used a purchase option to flip a home? Please give me some details, I’m also hoping to get contacts.?
  1. Reply
    Katey
    April 30, 2011 at 12:19 am

    Unfortunately people are not that stupid to pay for rehab and then pay you for the asking price after they fix it them self’s with a refi. You would be lucky if some one even paid you the same price for the house as you paid. They will not want a house like that because the house would not be in condition for refi and the bank will tell them no. They will listen and having no way to refi. Second, since you are not dealing with investors, they will have a real estate agent and I don’t thing your plan would get by them not telling the buyer your plan, which they will learn they don’t need you for. Anyone that would buy such a house to begin with will probable just paint it and since they would have the deed you can not draw up any contract that they must do anything once they own the house. Maybe you don’t know that lawyers handle closings. There is no way this idea will ever work in any US State.

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