6 3/8%, 33 yr fixed, 100% financing, Can I make $? - Posted by Adam (BatPro)

Posted by Baltimore BirdDog on January 29, 1999 at 10:53:58:

Jim-

In which area of the country are you interested?

-Jeremy

6 3/8%, 33 yr fixed, 100% financing, Can I make $? - Posted by Adam (BatPro)

Posted by Adam (BatPro) on January 25, 1999 at 19:39:49:

Hello all thinkers,

I can get a 6 3/8% 33 year fixed rate 100% financing loan to buy a old, new, or construction loan for up to $86,000.

My question is? If I get a construction loan and build a 3 bed house is their the potential to make $$. I can buy a lot for $15,000 but need to get a urban well and sewer system.

I would hire contractors for difficult things but I could hire some friends for $10 per hour in building the rest.

Any one done this?

Adam

Or maybe I should buy an older house and fix it up and sell it.

Re: 6 3/8%, 33 yr fixed, 100%… - Posted by MikeB

Posted by MikeB on January 25, 1999 at 21:48:26:

You would need to hire A contractor. To do your site prep, pull permits, use his/her experience in the work done by the SUB contractors. You would need his/her workmans comp. Youd be surprised how a $10 dollar an hour friend becomes a lawsuite nightmare when he hooks up with an attorney after he disables himself working on your house. IF you build then talk to a legit contractor and get a total cost of building the house if the total cost with lot, and fees comes to 80 to 85% LTV when completed than you can make money. Also if you sell it you’ll have to 2/10 warranty.

Is anyone doing this? - Posted by Adam

Posted by Adam on January 25, 1999 at 23:00:14:

Could you explain more.

I don’t understand this 85% LTV.

I assume that means after the house is complete. I should have no more than 85% of the FMV into the house.

Whats this 2/10 warranty? Is that something that is just included in new houses? These construction guys must make a lot of money in building and selling.

I am would like to see if it is possible to have them do the major set up of the house then I finish it off and still make a profit?

Adam

Re: Is anyone doing this? - Posted by Gino

Posted by Gino on January 26, 1999 at 11:46:49:

Adam,

Can you give me the name and # of this company that is giving you this financing?

Thanks,

GINO

Re: Is anyone doing this? - Posted by Jim Urias

Posted by Jim Urias on January 26, 1999 at 14:14:22:

I Believe that the research that I have done has lead me to the best sources of $$$ avalible! Investors intrested in qualifing the property and not so much the peson!12 month take out loans are very popular with experienced investors. I am willing to share my finding with anyone reading this, in the hopes of getting information on locating properties under market value to rehab and cash in on!!!