Hard money won’t help you here. They only go to 65% of the value of the property. Get to a good lender and see if you can qualify for a 100%, or 103% loan loan. Probably a stretch if you have C credit however, but worth a shot if you haven’t checked with a good lender. Or try an FHA loan, you bump up the price to have the seller cover your loan costs. FHA shouldn’t mind real C credit. Good Luck.
P.S. You really need to have a better idea of what this place is worth. Just because owner bought it for $157,500 in Dec. doesn’t mean anything. Maybe they made a mistake and that’s why they want out now. Try domainia.com
I’m a newbie, and I have been reading the posts for the past couple weeks because i would like to start investing. My first objective is to get my own home of course.
I’m in Boston and I had been looking for a two-family with at least 3brs in each unit. In the paper I came across an auction by owner ad for a two family with 4brs/5brs next Saturday. The auction is by the owner and you have to put up $7500 in order to bid. The winning bid is due within 30 days. I know the house was just bought 12/99 for 157,500. Don’t know why they are selling. The contact info is the auction house.
I have C credit and only @1000 cash. Is there a hard money lender that would give me the cash to bid and if so what kind of LTV would I have to get in order for hard money to finance me. 4-5 brs go for about $1300-1800 a month in this area.
HELP! I know you’re not supposed to fall in love with these houses, but it seems to be just what I was looking for. Can I do it?? The auction is next Saturday…