Posted by Graywolf on February 15, 2002 at 20:40:09:
Garth with a 688 score you can do anything you want!!
You can get 95% financing or better and use your cash to do the rehab.
Good luck
Graywolf
Amazing Rehab Advice - Posted by garth
Posted by garth on February 15, 2002 at 15:01:34:
At least I hope you guys and girls could give me that
with this scenario for a duplex.
Purchase Price 80k
10% down of purchase price-investor loan
After repair value 121k, monthly income $1,000 per month.
I had an appraiser give me a full report that if repaired this is what the duplex value should be
Repair estimate 15k
(my estimate)
Now my question regards getting money for repairs and exit
strategy.
Are there lenders out there(Florida)that would loan me the 15k for repairs?
If I can’t sell quickly could I refi to at least get my down payment money back after I fixed it up? How long must I wait to refi?
By the way my credit scores are 688 if that helps.
Thanks for your help guys and girls.
Re: Amazing Rehab Advice - Posted by RC
Posted by RC on February 17, 2002 at 21:50:14:
Here’s an approach that I have used more than once: offer the seller 95k with a repair credit at closing of 15k (i.e. cash back at closing) or the lender may want escrow the repair credit and disperse it to you as repairs are being made. This allows you to amortize the repairs over the life of the loan and not need to seek a higher interest loan to make the repairs. There are numerous other ways to go about it - just get those creative juices flowing