Posted by Dave in FL on January 10, 2005 at 10:28:45:
let me rephrase a bit. I’m not trying to finance something that has been destroyed. I’ve run into a lot of people here who owned their residence, plus multiple rental properties. Some have had more than one piece of property damaged and can only afford to repair their own home. They arent destroyed, they’ve lost shingles or need a new window. Mostly it is cosmetic problems that have happened.
newbie finance questions - Posted by Dave in FL
Posted by Dave in FL on January 10, 2005 at 24:19:42:
Hello, I’m just starting out in the Real Estate Investment world. I’m in the FL panhandle and am interested in rehabing hurricane damaged homes for a profit. I’ve found several properties that are interesting to me so far. My main problem is that I have very little money to put down. I’d like to use a traditional lender to pay for a home to flip. I hope that after one successfull transaction I will have enough capital for a little bit of breathing room.
I have a 649 credit score and a household income of around 3k per month. I’d really like to have a ballpark judgement of what kind of money I prequalify for. I am not worried about higher interest rates.
Any advice you have would be greatly appreciated.
Re: newbie finance questions - Posted by Devon Daughety
Posted by Devon Daughety on January 10, 2005 at 10:02:37:
Yes, you are definitely going to need to find an “unconventional” way of doing this. I don’t know of any lender that’s going to lend on a house that was destroyed in a hurricane.
Re: newbie finance questions - Posted by John
Posted by John on January 10, 2005 at 08:52:52:
Im in the Panhandle area get in contact with me Ive got some things going too
Re: newbie finance questions - Posted by chet
Posted by chet on January 10, 2005 at 01:00:06:
check out 203k rehab loan, and since this is hurricane related, see if there are SBA/HUB/FEMA money available.
I was in Los Angeles for the '94 earthquake, and know alot of people that got 2% 30-loan to fix or retrofit earthquake damage.