Posts Tagged with ‘Flipping Out’
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FLIPPERS: FHA to Continue Funding Flips
26 Jan 2012Great news for flipping operations like ModOp and budding Jeff Lewis‘, the Federal Housing Administration is overriding its “anti-flipping” rule and will continue funding loans on properties that have changed hands in the last 90 days through 2012. For investors, this means another banner year of snapping up deep discount properties, rehabbing and selling for profits not seen since 2005. The benefit of an FHA-backed loan is that a larger pool of borrowers can qualify since it requires minimal down payment. Since the extension of the waiver, the FHA has doubled the number of 90-day property flip loans from 21,000 in 2010 to 42,000 in 2011 totaling more than $7 billion that would have ordinarily not qualified. – Inman News
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Flip Watch: Whiplash-Inducing Flip in Pasadena
20 Jan 20123580 E. Del Mar has been on the market 3 times in the last few years: ’05, ’08 and ’10. With what appears to be a small fortune invested, here’s to keeping hope alive that this 4th outing might finally bring buyers eager to lay roots with this 1941 Traditional. This property was purchased at the end of 2010 and spent the good part of 2011 undergoing an Extreme Makeover-like total transformation. Virtually unrecognizable, this 3 bedroom/2 bath, 1390 sq. ft. home received new hardwood floors, lighting, an enviable European kitchen, appliances, custom closets, plantation shutters, roof, plumbing, A/C system, landscaping and a finished garage to boot – all permitted. Even after a recent $40k price reduction, this property is still optimistically priced at $588k based solely on recent sales. On looks alone (not to mention great staging), it might be worth ever penny. Check out the before and after shots. As always, if you’d like to view this property or any other, let me know. Living Room: Kitchen: Bath (too unfortunate before): Bedroom: Garage: At a Glance 3580 E. Del Mar Blvd., Pasadena 91107 $588k 3 bedrooms/2 baths 1390 sq. ft., 6500 sq. ft. lot 1941 Traditional Total Remodel,…
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Debut of the Day: 2 Homes on 1 Spiffed Up Lot in Highland Park
11 Jan 2012There’s nothing better than a new listing on the market that throws down the gauntlet with killer looks at a competitive price. May I present my very first head turner, 6208 Hayes Avenue, SoulfulAbode’s Debut of the Day! This 1922 California bungalow clocks in at 1233 square feet on a 4800 square foot lot and is located on a tree lined street with well maintained character homes. The big draw of course is that it’s two homes on one lot. By income property standards, this is as good as it gets and made even more so by it’s modest $398k price tag. Rent the rear out and live with a comfortable mortgage in the front. The front house, a 2 bedroom/1 bath, sparkles with dark hardwood floors, a new kitchen, a bright and airy floor plan and light to spare in every room. The master bedroom includes an en suite bath and direct access to the patio and yard. The rear house, a 1 bedroom/1 bath, is similarly decked out with hardwood floors, a separate kitchen and spacious bedroom. With rents in the area for a 1br fetching minimally $800, a looker like this one may get even more. Although…
