Ed - Need advice on this one, HELP! - Posted by Klint

Posted by Ed Garcia on February 08, 2003 at 10:35:02:


You don’t tell us anything about you or your credit etc. As a rule of thumb, your best candidate for a deal like this would be a small local bank. They could give you the money for the fix up as well.

Klint, I’ll be in my office today and if you like you can call me at (909) 944-0199 and we can go over your deal.

Ed Garcia

Ed - Need advice on this one, HELP! - Posted by Klint

Posted by Klint on February 07, 2003 at 17:56:39:

Mortgage financing help by Feb. 21 . . .

This is my first real estate investment deal and I need help on finding financing. I posted earlier with no response. I really need some advice!

Here is the deal. I have negotiated down a tri-plex. The property is an old house that has been converted into a tri-plex which is made up of a two bedroom upstairs, a two bedroom downstairs, and a efficiency. Rents in the area are $275 for the two bedrooms and $180 for the one bedroom. At this time, the units are not rented. It is an REO property that the bank took back on a foreclosure.

The ground level 2 bedroom needs SERIOUS repair. Very little has been done to the apt. Also, the outside needs paint and the yard needs some TLC. The property has a brand new roof (less than 5 years old).

Here is my deal. . . I have negotiated a sale price of $18,050 for the sale of the property. I called a loan broker on this to find financing, they said they could not help because they needed a base amount of $30,000 because they sold their loans on the secondary market.

Where can I or should I look for a loan? I would like to find a lender that would loan up to 70% of the value of the property after it is repaired (current assessed value is $27,500). The 70% amount would be $19,215. This would get me in the property for no money down and would leave me with $1165 for repairs. Any suggestions on where to find a loan that can do that? I need a commitment by Feb 21.

Help. . . .