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5 Sell or lease.As soon as you know the closing date for purchasing the property, set the date on which you want to put the house back on the market or have it available for tenants. If you’re selling the house, also decide whether you want to sell it yourself or work with an agent. You don’t have to wait to market the house until renovations are complete — the activity that surrounds the house during renovations can be an excellent marketing tool. It gets the neighbors talking. See ssss1 for various ways to realize a profit from your investment and ssss1 and ssss1 for more about selling your rehabbed property.

Mark Workens, owner of Mortgage One (http://mortgageone.com) and a good friend of mine, offers some other FHA-related mortgage input that every house flipper should know. As you develop a flipping strategy, keep these rules in mind:

 HUD/FHA 90-day rule: According to the Department of Housing and Urban Development’s (HUD’s) 90-day rule, you must own the home for longer than 90 days before you can transfer the title to a buyer who’s using a Federal Housing Authority (FHA) loan to finance the purchase. If you’re planning to sell to first-time buyers, this rule can reduce your pool of prospective buyers and you may need to hold the property for longer than you had planned. Owning the home for fewer than 90 days voids your eligibility for an FHA-insured mortgage.

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