HUD Homes Articles | What’s special about flipping houses in today’s housing market? Despite the fact that some market conditions remind seasoned for investors of flipping HUD US Department of Housing and Urban Development homes in the eighties, there are some investing philosophies that need modifications. Since investors went wild buying houses for no money down, banks have strengthen up their lending guide lines. Sellers also are more cautious about turning over their equitable title with no down payment and a mortgage or bank approval letter.
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On the other hand, many new Baltimore real estate investors will make a fortune in 2008. That’s because they will be taught how to invest from professionals who made money “in the old days” prior to the latest skyrocketing frenzy. AND, these new investors won’t let panic keep them from taking action. If you have guts and will take the time to become skilled at your local Baltimore real estate market, here are five tribulations and solutions for flipping houses in 2008.
1. Prices keep plummeting in a declining market.
The dilemma of declining prices refers that you must be on familiar terms with your housing market. You must be proficient to buy low and sell higher. You must be knowledgeable about how much repairs and holding costs will be for homes. Brilliant investors will track every penny, save up money on repairs, and fix the houses in a way that attract home buyers.
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2. Loans are difficult to secure.
Investors will find it exceptionally hard to find 100 percent loans. You will need ten to thirty percent down depending on your credit score. If you don’t already own your own home, you still can get 100 percent financing for owner occupied, which is how many beginners get into the market. You must keep your credit in wonderful condition.
3. Bigger reserves needed to qualify.
Lenders require about three monthly payments as cash reserves in the bank. Lenders know about tricks like borrowing money and will look at how long the funds have been in your account. Keep your bank accounts solvent.
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4. Houses take longer to sell.
With fewer qualified buyers and more houses on the market, it will take longer to sell most houses. The houses that are selling either offer deep discounts or features beyond ordinary. Interior design and home staging strategies will make a huge difference. Agents will show the houses that look great and typical buyers will pass on fixers.
5. Agents will bend over backwards to sell to you.
If you’re a qualified buyer, real estate agents will work hard to find you what you want. On the other hand, you will need to watch out for desperate agents who might paint a positive picture or gloss over problems.
Learn about your real estate market, short sales, REOs, and desperate sellers who are willing to give up equity to move.
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Hi Carlos,
This article hits the nail right on the head. Some of us are not afraid to continue investing in this market but we just need to make good decisions. Great Advice!