Posted by JoeS on July 08, 2005 at 21:30:54:
First of all what part of Maine? My second recommendation would be to buy my course which explains in detail how to find all the $$$ you will ever need for investing in rehabs.
Rehab Loans - Posted by Greg (ME)
Posted by Greg (ME) on July 08, 2005 at 19:18:23:
I have found a property in a good location and nice condition.
The seller is motivated to sell, but needs the money ASAP.( No lease option deal on this one )
I would like to be able to help them quick before they list it with a realtor.
My question is; Do lenders offer rehab loans anymore?
If so, Are the loans 100%
Can they be paid interest only?
( Before anyone asks, I live in Maine ) I have had a very hard time locating a lender in my state for rehab loans.
The current property I’m working on can be purchased for $78,000 and needs about $10,000 of updating. Comparing this property to others in the neighborhood, I would say this property would be worth at least 135K when finished. It’s 3 story, 4 bedroom, 2 car garage, in-ground pool and 2 blocks from the high school.
I would like to borrow 88K and get 10K back at closing.
I see allot of ads in newspapers where investors say: Sell your house for cash!
Is this what they are referring to, they get a loan or hard money and buy the property or do they mean the seller gets their cash after the investor sells the property; say in 3 months?
Thanks all for your feedback.