Need help on first deal - Posted by Ed
Posted by Ed on June 04, 1999 at 11:59:51:
We are looking at a 4500sf victorian in a small town near
where we live. We are trying to buy it as a permanent residence. It appraised two years ago for $120,000 (low due
to cosmetics - it is structurally sound but has not been lived in since 1990. Was rewired and replumbed about 1992.
Big 1 acre, treed lot in the historic district.
The owner wants $110,000 and will take a second for $85000
for 15 years at 7.5%
I’m trying to put together $35000 ( $25000 for the downpayment and $10,000 for repairs)
The house after cosmetics should appraise for around
My problem is I am buried in my existing residence.
The only thing I can see to do is rent it until I can work out a way to sell it (probably a L/O ).
This would be after I can work a collateral substitution for my existing second at a point in the future when I can do a long term loan on the victorian.
Does this make sense? Would I be better off trying to get a
hard money loan and if so where?
Help would be appreciated.