A major advantage of becoming a "serial home seller" is you can qualify for owner-occupant mortgage financing from conventional lenders. But a major disadvantage of buying fixer-upper houses is many lenders won't loan on houses that are in very bad condition. However, this can become an advantage! Working with a mortgage broker can be advantageous because many lenders will appraise a "fixer house" on both its current market value (your purchase price) and its future value after fix-up is completed. FHA has a loan program for this, but the FHA loan limit is so low in most communities this is not a viable alternative. Purchase Bob Bruss reports online. My good friend, Jay DeCima, author of two great books "Investing in Fixer-Uppers" and "Start Small, Profit Big in Real Estate," explains he buys fixer-uppers with seller-carryback mortgages because most lenders refuse to finance his purchases of run-down properties. This is a great tactic to use to get sellers to finance your purchases wit...
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