Posted by Quinton (IN) on January 09, 2001 at 09:12:58:
Pamela,
Please put up all the numbers if you want someone to be able to come with all the ways you can finish this deal.
How much are the properties? What is a REALISTIC appraisal of them ? Before and after Rehab! What is the LOWEST the seller will go?
Talk to some mortgage brokers in your area and see if they know of someone that will do 60-65% LTV on your project. If not, come here and then ask for help finding Hard money lenders in your state and area.
To realistically get this deal done, you need a Business plan for EVERYTHING that will happen.
All purchase costs… all rehab costs… all financing costs… Contingency costs… Real Estate costs… What if it doesn’t sell for 6 months… 1 year? What will you do then?
Make sure you have a couple of books or courses on rehabs before you start.