Posted by Tyler on April 02, 1999 at 02:15:49:
Price:
66,000
Repairs:
5,000
FMV:
98,000
Do I:
- get a hard money loan, do the repairs (minor), get new appraisal, sell on an 70/20 deal with 10% down.
Problems I see here are:
- Mucho grande fees and points
- Expensive holding costs
- Buyer must qualify for bank loan
- create a note for 98,000, sell for 78,000 (20%disc) to generate funds to purchase and rehab, and also putting $7,000 in pocket (78-66+5). Then L/O the house for 100k or so, with a nice fat EMoney check in the front. Or sell on contract, and wrap with a small second and a couple extra points.
Problems I see here:
- Never created a note before
- Not sure if I could sell for 20% disc FAST, to close in 2 weeks
Or…
- Something I haven’t thought of??
Problems I see here:
- I haven’t thought of it yet
Thanks in advance!