Posted by Debra on October 14, 2003 at 14:23:33:
Comps in the area with the same acreage and equal square ft are going for $145,000.00 and up. I’m looking to just repair the big stuff… AC - kitchen - flooring. My husband is a contractor and can do the rest on the side as we live there. This way I can make it mine without having to rush and meet a closing date.
Debra
debra
Need help on financing a property - Posted by Debra Berg
Posted by Debra Berg on October 13, 2003 at 14:27:12:
We just found a 2800 sq. ft. home with 2 acres of land that requires approx. $30,000 in repairs to be in top shape.
We are not looking to do all the repairs at once. We just want to tackle the ones that are necessary to make the home livable. That would take about $10,000.00. Does anyone know how we could finance the house & the $10,000.00 together. Or how to use sweat equity in the deal. I’m looking to put together a proposal for the mortgage holder and any help would be beneficial.
Here are more details:
The house is a foreclosure for $56,000
Needs
AC & Heat
Stove
Kitchen
Flooring
We are first time buyers
My hubby is a Self employed contractor
and plan to use a grant for the down payment.
Does anyone have any creative ideas on how to make this work?
Thank you,
Mrs. Debra Berg
Re: Need help on financing a property - Posted by Terry(IN)
Posted by Terry(IN) on October 14, 2003 at 18:50:26:
Advertise for private investors. You shouldn’t have any problem finding someone willing to put up $86,000 in exchange for the deed on a $146,000 property. That’s less than 60% LTV. Best wishes.
Re: Need help on financing a property - Posted by Terry(IN)
Posted by Terry(IN) on October 14, 2003 at 12:43:01:
What will the ARV (After Repaired Value) be?