Posted by Nick on July 27, 2001 at 06:09:30:
Julie
As long as your numbers are right almost anyone would lend you the 25K. Just show the bank your estimates so that the apprasier can go off the rehab value not the current value.
Good Luck. Looks like a great deal.
Nick
How do I buy this house Ed? - Posted by julie mcgrath
Posted by julie mcgrath on July 26, 2001 at 18:51:12:
OK, I am almost certain I am going to purchase this property tomorrow morning.
Price: $25k
Fix up costs $20k
Comps in area: $65K
Let me say, the fix up costs are through a General Contractor, so these are the max costs. Who will loan me the money for a $25k property on a mortgage? Or, would I be better off taking out a personal loan?
I already have a rehab loan in place for about 8% if I buy.
Thanks.