To flip or not to flip Part II

In our last post, we asked the Shakespearean-esque question:

… To flip or not to flip.

Wayne says:

January 17, 2007 at 12:55 pm

Greetings.
I have been a carpenter for over 30 years. I am very versed in house work. I have renovated, built new, rehab’d, and remodeled all my adult life. I am “tool poor”, with many accomplishments to my credit, with a solid history of references, from homeowners, friends, customers… But that’s it…
I have read many articles on house flipping, and have talked to many people in the business, and or wanting to be in.
My friend is and investor… and I would like to start looking at this…
I am 50 and have a couple of challenges…but nothing out of the ordinary…and, I am new to the computer, I am learning as fast as I can.
I have a friend that handles sales for a small business management company, and accounting.
So as you can see I am “getting my ducks in a row”, so to speak.
I have a great desire to do this, and would like to interact on the matter.
Wayne
Jose says:

January 23, 2007 at 9:54 pm

Show me the Positive Cash Flow!
HELP on Foreclosures says:

January 6, 2008 at 1:43 pm

One important thing to keep in mind when flipping if obtaining an FHA loan, is that FHA has a 90-day flipping rule and won’t allow resale within 90 days of purchase. There are many other loan options out there that you can get instead of an FHA, but many people don’t realize this and it’s not often published.