Posted by Ed Garcia on July 01, 2002 at 09:16:29:
You don’t us tell what State you’re in or what kind of property that you’re looking at.
We don’t know if it’s residential or income producing commercial.
You state that your credit is shot and that you have no money for the down, but that after you purchase the property that you have to put a 100K into it. Where are you going to get the 100K? By telling us that the property value will be worth $1000,000 you’re giving us the impression that you’re going to be purchasing it for re-sale.
If so, then my suggestion is for you to get a partner or flip it.
The main reason for my suggestion is because if you have had credit problems and are still short cash wise, then how are you going to debt service the holding cost as well as the fix-up for this acquisition?
We need more info,