ED: Need Help with Finance options - Posted by Bryce
Posted by Bryce on March 07, 2001 at 15:53:52:
I am looking at a property (sf house)that I would appreciate your input as to financing options, and deal overview.
Bank Owned (they want it sold by 3/15)DOM 180
3/1 1200 sq ft
built in 1949
82,000 (ARV) as per comps
10,000 Repair costs (estimate is 8,000 but just in case)
I am considering offer of 45,000. but depending on the finance costs; that may not work. I can provide the funds of repairs, just need to acquire the property.
I plan to re-finance and hold as rental or lease/option.
I have done remodels and will be doing work myself. I estimate 45-60 days to complete. In the past I have purchased; lived in as completing the work (my wife never called it living); sold and moved to another(eventually had to build her a new home). I haven’t done this as an rei,
but real estate and rehabbing is sooo… exciting that I have to answer the call! This is my first deal in a long; ok, long long time, but I would like to get it done without missing more than one or two things. After finding this site and all the powerful creative rei options, real estate investing seems so unlimited as to the potential. I’m also looking at 3 duplex units & 2 VA repos. But I need to start with the first one. Sorry for the lengthy ramblings. Does any of this make sense, or am I just way to excited wanting to get my feet wet?
Here are some other possibly helpful facts
Own home FMV 240,000
1st bal 129,000
no second or LOC
credit score 680
I may have overloooked something but will provide more information as needed.
If this is something you could do I would enjoy giving you a call.
Thank you for your reply,