Posted by Mattg on May 30, 2007 at 12:12:10:
Jeff-
Go to www.redevelopmentlending.com. They might be able to the deal
My first deal - Posted by Jeff Tx.
Posted by Jeff Tx. on May 30, 2007 at 08:28:06:
tell me what you think of this deal. I made an offer on a 3/1/1 sfh for 20k (the realtor listed it for 25k)in a town of 6 or 7k 30 mins from a 250k city. It was accepted. comps are not normal here for some weird reason, but similar houses in town are sold for 49k to 65k. nice houses are mixed in with dumps on many streets. this could be the nicest house on the block after rehab.(15 to 20k) I have sub zero credit and need money to buy and rehab. If this were you- what would you do next?
Re: My first deal - Posted by Natalie-VA
Posted by Natalie-VA on June 05, 2007 at 09:17:24:
Jeff,
I would walk away. The spread seems to thin and the resale price looks uncertain. You don’t have a lot of options for financing which is going to cost you money. You need to either have money, credit, a partner, or a big enough spread to pay extra for a hard money loan.
–Natalie