Posted by Ed Garcia on January 22, 2001 at 11:16:03:
It appears that you have good credit. Why don’t you go to a small local bank and explain to them that you are purchasing a property below market value as a fix up and want to borrow the money and fix up money to do so. Tell them that you would like to treat it some what like a construction loan where they can appraise it in it’s current condition, as well as full market condition, after the completion of the improvements.
Now Karen you’re going to have to demonstrate to them that you know what you’re doing. Have comps available of full market values in the area on properties with no or little differed maintenance. Also show them the costs break down, of the work to be done.