newbie needs advice - Posted by jackie

Posted by Ed Garcia on March 07, 2001 at 10:15:04:


You don’t tell us what it will cost to repair the property to market value, and you don’t tell us what the property is valued at when completed?

At this point you either need a partner with good credit to do the deal with you, or to go hard money. Obviously if you use your money for down payment, you’re not going to have money to do the work. I would find a hard money lender in your area and tell them you want to use your money for down payment, and would like to borrow not only the balance but the fix up money as well increasing the value of the property.

Another reason for going hard money is because of the loan size. You mortgage companies like loans $40,000 and above.

Ed Garcia

newbie needs advice - Posted by jackie

Posted by jackie on March 07, 2001 at 08:12:15:

I have come across a piece of property with 3/2, hardwood floors, built in the 20’s asking 29,500. seller is very motivated. could propably pick it up for 20,000. i have 10,000 to invest and need financing. my problem is the property needs alot of work and i’ve been told i need a rehab loan. I have a recent bankruptcy and the banks won’t look at me. This is too good to pass up and it would give me the opportunity to get started in the real estate field. Something i have been afraid to do because of the bk. if you can help please let me know.