Oddly enough, it's not uncommon for a perfectly good dishwasher to break from non-use.

Yep, that's right!

Use your dishwasher! Lack of use causes the motor to freeze. Often singles or young couples don't cook at home frequently, so the use of the dishwasher isn't practical. We recommend property owners advise their renters to use the dishwasher at least once a week to keep the motor from seizing up.

It appears lenders are implementing a new policy that will affect "flipped" homes. While there is money to be made fixing up REOs and reselling them, there may be less money made if you can't sell them immediately. Why? The income of house flipping is typically based on speed. The faster you can flip it and unload it, the more you profit.

So enter the latest fly in the ointment: lenders are beginning to refuse to loan on a property that hasn't been off the market for six months.

As it is, most REOs aren't in the best condition, so often the purchase is made with cash. And now that the house is rehabbed and will qualify for a loan…..well….HUMMM.

Buyers, do some research on your prospective purchase first and check with your lender on their policies!

Check out this beautiful home in Tuolumne county!

23805 Yellow Pine Road, Twain Harte - Scenic views abound from this 9-year new home on 0.72 acre. This tastefully decorated 3452-square-foot home is a unique opportunity for a large family or owner seeking income property. The tri-level floor plan has a spacious living area—totaling 4 bedrooms & 4.5 baths—split between a main living area & private, lower-level guest quarters. Enjoy more than 1300 square feet of decks on the three levels to catch peaceful sunsets & mountain air. Inside you’ll find the special touches of high-quality Grohe & Kohler bath fixtures, dual-furnace forced air heat with two separate air conditioning units & all rooms wired for Satellite/Cable TV, telephone & CAT-5. Plus, all bedrooms have en-suite baths!

This home is $150K under appraisal price, and an excellent investment for a retreat property. Rent out one or both levels during your off-season, and bring the extended family over for a vacation!

Visit our real estate site for more details on this beautiful home. Click here to view the virtual tour.

I want to get into real estate. I've had a long-term interest and would love to flip houses and get a license. Where's a good place to start so I can get a feel for how things work and what's involved?

Starting as a receptionist, office help, transaction coordinator or broker's assistant in a RE company is a good way to learn how things are done from the inside. The RE exam/coursework really doesn't teach you how things are done, so hands-on experience working under experienced agents is a definite plus. You get a good feel for the sales process and customer service needs.

Other places you could get your foot in the door are working at a title company, bank (in mortgage dept), new home/developer sales office, or as a property manager/assistant manager.

If you want to flip houses, I'd highly recommend the property management route. After a few years there's not much you won't know how to address, and you'll be more equipped to walk into a house and evaluate what needs to be done. Plus you'll know the cost up front and have a complete vendor list you trust whom you can hire for the flip. If you watch the house flipping shows, flakey contractors and unexpected problems are quite common for young investors.

A prepayment penalty is commonly charged by lenders if a loan is paid off before a certain date. It will vary based on the loan terms, so it's always a wise thing to specifically look through the docs and note that date. Having this sort of a surprise when you're about ready to close escrow has happened to more than a few sellers!

More often than not the prepayment penalty would be prorated based on when the loan is paid off. For instance, if you purchase a house this year to flip and resell, and your loan has a prepayment penalty in the first two years of $15,000, that will significantly cut into your profits. There are some loans with no prepayment penalty, though rates may not be as attractive. If you plan to invest in a property for short-term profit (less than 5 years), make sure you discuss with your lender the penalties that may affect your bottom line.

BTW, paid off equals selling the house or refinancing.