Posted by Bob-Tx on February 20, 1999 at 16:59:23:
A couple of approaches for you to consider. If indeed your numbers are accurate you can opt to either buy this property and rehab it then sell it for full fmv. Or you can tie it up with an earnest money contract and flip it to someone else who will rehab it. If you intend the first course of action you need to line up a hard money lender - short term, high interest, equity based loan. They don’t care about your credit, they will lend probably up to 60% LTV and hold a first lien on the house. There are articles on this site to help guide you in that. You should be able to borrow $36k, close on the house, rehab it and have little or no money out of pocket.
If you elect to flip the deal it helps to have buyers lined up. Read Jackie’s articles on flipping in the “how to” section.
sounds like a hot deal, you need to get it tied up.
Keep us posted.