Michael N asked:


I have never had a job. I am self-employed with ample cashflow to make mortgage payments, but no bank I have asked will let me take out a mortgage without two years of tax returns.
Correct – I don’t read / watch the news.
I wouldn’t be so daft as to speculate. I’m joining forces with someone who has been in the industry for years – one who has successfully (and consistently) flipped houses in today’s market.

Let’s stay on topic.

CARMELO

4 Responses to “How can I take out a mortgage on a property to start flipping foreclosures?”

1. golferwhoworks on September 28th, 2009 12:20 am

   JACOB

   that is the rule. sorry but self employed people have a greater risk in the market place as they are not proved to have sustainable income

2. thedude81321 on September 29th, 2009 5:49 pm

   HERSHEL

   Do you report your income to be taxed? If you’re not playing by the rules I don’t see why anyone would want to help you out in that respect. I have heard of others who were able to get mortgages on self employed income when it is provable and reported to the IRS, as income is supposed to be.

3. GEEGEE on October 2nd, 2009 2:20 am

   PEDRO

   Don’t read/listen to the news much,eh? Since you don’t seem to have heard, there’s what’s being called a credit crunch, due to banks lending money to people who couldn’t continue to pay their mortgages.
   That leads to foreclosure (ie the houses you want to buy). Some of these folks couldn’t document their income (via tax return). So why would the banks loan $ to you, if your issues helped lead to this collapse in the first place?

4. Amy on October 4th, 2009 9:46 am

   DARREN

   Many of those foreclosed homes have become that way because of speculators and “flippers” Now is not the time to try to flip houses unless you want to join the people who have bitten off more than they can chew.

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