Posted by Bruce Meyers on November 24, 2000 at 09:09:14:
FNMA / FHLMC lenders have investor rehab programs, I believe with 10% down. ( might be 20% ) Make sure you find a lender that knows the rehab business.
Financing for Rehabs - Posted by Zack W.
Posted by Zack W. on November 21, 2000 at 22:32:16:
Hello everyone,
Congrat’s on the fantastic forum Ed G.
I have spent the last 2 months farming out 2 areas I want to invest in. I have my cash [40k], my credit is in line [650], and I have a great buyers broker.
I want to begin with three rehab purchases [under 30k] in 6 months and build my cash for buy and hold multi’s.
My concern is this. I have 40k start up capital. This must be used for down $ as well as fix up money. I want to stay under 30k for my buy price on all 3 properties and I am shooting for at least a 52k after fix up value on each. Associates of mine have warned me that depending on the condition of the property, financing may not even be an option. Is this true, and if so are there any programs that will allow me to buy a rehab with say 20% down?
Finally after buying and fixing these houses would it be better to pull my cash out from selling or re-fi and rent these out [possible l/o]?
Ed, our telephone conv’s a while back were not only informative but truly inspiring. You are a fantasticly intelligent person. I want to thank you so much for your time now and in the past. Thank you!
Zack W.