Posted by Gerald on November 23, 2001 at 22:57:02:
A partner and myself have combined our line of credits (10,000.00) each. We purchased a rehab property for $11200. We now have 16000 in the property and we have the propety rented at 400.00 per month through the section 8 housing program.
We have talked to an appraiser that we know and he says (based on our description) we will probably appraise in the 30000 - 35000 range.
My question is this: What is the best way to take this to a lender? We have had the property for 2 months and we would like to take it off of our lines of credit and put a mortgage on it in my name only. We would like the financed amount to be around 30000. We are of course going to split the proceeds and I would like to use my portion of the proceeds to cover closing costs and down payment.
Any guidance would be greatly appreciated.
Gerald