Buying a fix-up house with no fixup cash! - Posted by Mrs. Bee

import · December 15, 2002, 4:59pm

Posted by Nate(DC) on December 20, 2002 at 14:00:08:

Then why not get the 80/20 and finance the rehab on your Home Depot credit card or something?

NT

import · December 15, 2002, 4:59pm

Buying a fix-up house with no fixup cash! - Posted by Mrs. Bee

Posted by Mrs. Bee on December 15, 2002 at 17:59:32:

Ok,

I know that this isn’t the way I should do this but here goes.

I put in a contract for a house. Here are the numbers.

4br, 2ba, full bsmt, front and back porch plus liveable attic

anticipated price: 30-35k
fixup: 10-15k
ARV: 80-85k

Now I did have a hard money loan with Ready Mortgage but when it came back that there aren’t enough people in the county, it was killed. I am thinking that if I get the contract for the foreclosure, I will finance it subprime conventionally and do a little fixup at a time until I can get an unseasoned refi based on ARV or something. I really don’t know what to do and am out of ideas. What do you guys think?

import · December 16, 2002, 12:20pm

Flip It - Posted by Bob(CO)

Posted by Bob(CO) on December 16, 2002 at 13:20:21:

Find another investor that wants the house and flip it to them. Do a simultaneous close and walk away with a little cash.If your numbers are correct, there is still enough cash in it for a rehabber to be interested. Hopefully, you know a few already. You should! Good luck
Bob

import · December 15, 2002, 9:22pm

Re: Buying a fix-up house with no fixup cash! - Posted by Nate(DC)

Posted by Nate(DC) on December 15, 2002 at 22:22:20:

Try one of the other hard money lenders such as Rehab Funding or Statewide.

NT

import · December 15, 2002, 6:06pm

Re: Buying a fix-up house with no fixup cash! - Posted by James Strange

Posted by James Strange on December 15, 2002 at 19:06:31:

For small loans, try your local bank.

Good Luck

import · December 16, 2002, 2:20pm

Re: Flip It - Posted by Mrs. Bee

Posted by Mrs. Bee on December 16, 2002 at 15:20:59:

Sorry, I don’t know anyone who wants it. People around here are not very astute creative investors. I was thinking about buying this for myself and then rehab it, gain some experience, and afterwards, sell it. I am just cash deficient…

import · December 16, 2002, 12:02am

Re: Buying a fix-up house with no fixup cash! - Posted by Mrs. Bee

Posted by Mrs. Bee on December 16, 2002 at 01:02:19:

I thought about them but they want a downpayment which I don’t have. I simply don’t have all of the money in the bank that they want me to have. So, I have the problem that I do. Perhaps there is nothing that can be done about it…

import · December 16, 2002, 10:20pm

Re: Buying a fix-up house with no fixup cash! - Posted by Nate(DC)

Posted by Nate(DC) on December 16, 2002 at 23:20:19:

Probably not…if you don’t have enough $$ for a HML you certainly don’t have enough for a conventional lender!

Sorry…

NT

import · December 16, 2002, 11:11pm

Re: Buying a fix-up house with no fixup cash! - Posted by Mrs. Bee

Posted by Mrs. Bee on December 17, 2002 at 24:11:52:

Well, here is the thing. I can get an 80/20 no problem. I just want the fixup aspect dealt with. And also, there have been down payment programs posted on this board for owner and non-owner occupied purchases. It’s just that with the other hard money lenders, I need the money in the bank for a while. Can’t do it unfortunately.