NEED ADVICE - Posted by Jeremy Tew

Posted by Jya-Ning on October 03, 2003 at 16:04:16:

How is your credit?

If it is good, talk to REO bank, they may willing to give you a whole package that allow you to rehab the house in a good rate, that is the cheapest one.

If it is medium, try to find some hard money lender, They may ask 12% to 20% rate in return. But they usually give you LTV based on the repaired value. It is a little risky though.

If it is medium to bad, go to your local REI group, see if anyone interest to buy, they may give you a finder fee. Or see if anyone want to part with you. However, they may want a bigger percentage in the profit.

Good luck


NEED ADVICE - Posted by Jeremy Tew

Posted by Jeremy Tew on October 03, 2003 at 09:30:25:

I have a rehab in a Great neighborhood thats an REO selling for 50% of its ARV

Asking Price $49,900

Rehab Cost $10,000-$15,000

ARV $95,000-$100,000

I have access to $8,000 and would really like this to be my first deal. Any suggestions please this house WON’T last long.