Posted by Paul Macdonald on November 15, 2000 at 07:46:10:
You’ve got 12 days to settle on a place that will make you 20k (not including carrying costs). With no money. And 15k in repairs needed. What happens if you peel off the first layer of repairs and find that more needs to be done? You’ve got no cash and you’re finance source won’t put up another dime. You’ll be the next gotta sell don’t wanter for the place.
You are not going to get any type of financing I know of. Even hard money is probably not available with 20% of repaired value (its actually 40% of the purchase price) in deferred maintanence.
So find a contractor/handyman to flip it to for a quick 5k profit in your pocket. 5k would probably be 50% of your best case net anyway.