HELP...Newby - Posted by Fred Murray

Posted by phil fernandez on October 19, 1998 at 07:27:21:


Two things we need to know. What is the house worth when fixed up and what are your plans for it after fix up.

HELP…Newby - Posted by Fred Murray

Posted by Fred Murray on October 19, 1998 at 24:04:05:

I have found my first property and it looks pretty good. Single family Cape, built in 1890. Assessed at $62,700.00.
FSBO, No existing loans. Seller wants $35,000.00 and the house needs about $20,000.00 worth of rehab (it is uninhabitable at this point).

I am planning to offer the seller $20,000.00, create a mortgage to cover the purchase and rehab and sell it in the secondary market. Is this the way to go, and what is the going rate for LTV and Yield that I should offer in my mortgage?

Any help is greatly appreciated. Thank You.