If I take out a say...$40,000 30-year loan to invest in a property, can I pay it off at once when I sell the property for a profit?
For example: I found a home in foreclosure for about $34,000. I'll figure about $6,000 to fix it up. Which totals $40,000. Now if I fix and flip it for $80,000, with the $80,000 I just made, can I just pay off that loan all at once? When the bank gives you 30 years to pay it off, you can pay all of it off at anytime right?
Sorry if this question sounds novice. But I'm only 18, and real estate is new to me.