Читать книгу Flipping Houses For Dummies - Ralph R. Roberts - Страница 80

Technically, flipping is quick — you buy, rehab, and sell a house in a matter of weeks or months. But not everyone’s in such a big hurry, especially when they’re just starting out. You may want to take your time with your first flip to develop a feel for how it’s done. Maybe you want to live in the house for two years so that you can avoid paying income tax on a good chunk of your profit. Whatever the reason, if you plan to take your time flipping a house, you may have other financing options — traditional financing, such as taking out a mortgage to buy the property.

If you’re thinking of going with traditional financing, take a closer look at your creditworthiness and examine your financial position as carefully as any lender would examine it. Pretend that you’re the lender — in that position, would you loan yourself the money?

The following sections take a snapshot of your financial picture and highlight the details that lenders commonly consider before approving a loan. By identifying areas of improvement, you can airbrush out any imperfections to make yourself look as good as possible to prospective lenders.