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.