save a newbie from being BURNED!!! - Posted by christopher
Posted by christopher on March 20, 2000 at 14:02:37:
I was driving through a little town where i live and saw a house that was in pretty poor shape. the windows were broken out, the paint was quite aged, and no one occupied the house. I came to discover that the gentleman who owned the property had been to court on many occasion due to the nature of the property. I found out who the owner is and approached him to see if i could land a good deal. If i could get the property for 10,000 bucks, i could renovate and sell for more than the total investment, rent it (turn it into a 2 unit), or lease option it.
My concern is this…if i come up with the cash to buy it (or get the owner to hold the mortgage), what avenue do i have to get financing to fix up the place? Isn’t true that the bank will not finance a property for say, $30,000 when the property, in fact, is only worth $10,000 (due to its poor condition)?
in which direction should i go?
Thank you in advance!