Posted by Marc on June 06, 2001 at 11:31:28:
I have a contract to purchase a house for $95k (about 65% of FMV), needing only about $7500 in cosmetic repairs (pre-forclosure). I’m going the hard money route, and the lender has a 65% LTV lending criteria. Questions:
What are my other options to get into this house with little out of pocket if my estimates are off and the house doesn’t meet the lenders requirements. The seller still has some equity even after my 95k offer, so the only thing I can think of is getting them to carry a second for the difference.
After this deal, all going well, I’ll net about $20k. I’d prefer to not have this show up as my income, but I current don’t have a corp set up, and the contract is in my name. Is there a way to transfer this contract to a corp before closing? I’d like to get #1 (above) secure before creating a separate entity.