How soon can I get another mortgage after I sell a home?

invest2019

LoanSafe Member
Jun 14, 2019
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In the event, I buy a home via a home loan, fix it up, and then sell it…

How soon after can I get another mortgage? Can I apply for a second, third, or even forth one in the midst of having the house on the market for sale?

I am new to property leasing and turning homes for profit but it is a business I would like to get into before the housing market goes up any further.
 

Jzone

LoanSafe Member
Jun 20, 2017
149
15
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69
In the event, I buy a home via a home loan, fix it up, and then sell it…

How soon after can I get another mortgage? Can I apply for a second, third, or even forth one in the midst of having the house on the market for sale?

I am new to property leasing and turning homes for profit but it is a business I would like to get into before the housing market goes up any further.
I think its too late to get into flipping houses in 2019. Especially, if you havent done this before. You need to get in at the bottom, more or less, and you can sell at near peak.
As far as how many mortgages you can have? It all depends on income/debt ratio. I know many people who do this and have 2 or 3 houses that they try to fix and flip. If you are trying to do more than that and you are inexperienced, you will probably fail.
Try 1 house first and see what happens. Then you will know whats involved and what the market its like.
 

Erik Sandstrom

Mortgage Expert - Call 1-619-379-8999
Staff member
Loan Safe Mortgage
Jan 14, 2011
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San Diego, California
www.loansreduced.com
Flipping homes usually requires hard money financing. Residential home lenders have what are called EPO's that they get hit with when a loan is paid off early (within 6 months) and they/we have to pay back all profit made when doing the transaction.