Flipping
got a question. if i was to find a property that was being sold by the owner or RE agent. lets say that the house was being sold for 200,000 and i got a loan for 300,000, how would i go about getting the house and once i get the house what next. and how would i try to flip it. whats happens if i can't find a buyer, am i stuck with this house and if yes what monthly payments am i obligated to pay . how would i go about trying to make a profit. again if i can't sell the house and i am stuck with it, how do i pay the bank back with no buyer for the house. i need help PLEASE! thanks :-?
You've illuminated the dark side of the practices of some of the so-called gurus who speak of "cash at closing." You speak hypothetically, but if these are your actual numbers, you may be in over your head...until you realize you need to think creatively and come up with a solution. If a lender gave you $300k, it's either worth that much (and more?), or you leveraged other credit/assets, or you're a super smooth talker, a talent you'll surely need on the selling end of the flip.
What's the place really worth? Why can't you sell it? Are you overly impatient? Does it need a makeover? Better and more marketing? More creative financing proposals for potential buyer? A free Corvette? (one of John Locke's crazy-as-a-fox schemes). Before you just walk and cut your losses--always an option, but not a good one if you plan to stay in this business--you need to replan your strategy here.
if you want exact answers you must give more exact details. we would like to help but can't figure out the puzzle with pieces missing.......kenmax