Posted by Lindsay on July 29, 2002 at 16:32:41:
Thank you for the advice. It’s been sort of crazy for me, trying to hold down the 9 to 5 and the 20 million other things that seems to be going on all at the same time. I’m definitely talking with several mortgage brokers concerning their various loan programs for home improvement. Thanks!!!
Question - Posted by Lindsay
Posted by Lindsay on July 25, 2002 at 23:15:41:
(I know this idea may sound crazy but I figured to give it a shot anyway.)
Is it possible for a home owner to sell his home to an investor; say for about 20% below market so that an investor can purchase it, fix it, and sell it back to the owner without the owner loosing money or owing any money to his current mortgage company? The owner would then purchase the newly fixed property back from the investor at the new appraised value so the investor could walk away with a profit for his work done and the owner would get a nice property to live in? You see I don’t have the necessary funds to fix a certain property that I purchased with the intention of first renting it out. I even listed the property with section 8. Well, I started thinking and figured that since my lease was up in September my brother and I would move into the property. I’m just starting out in this real estate investing thing and didn’t want to start off on the landlord track just yet.
You could… - Posted by Bill
Posted by Bill on July 25, 2002 at 23:29:59:
You could do the same thing by hiring a contractor that would finance the repairs. You would just secure the repair price with a second mortgage. The first mortgage would not be affected.
There are also other programs, like Title 1 loans or home improvement loans that do the same thing. Talk to a bank or mortgage broker that handles these type loans.
You don’t need to get fancy like you’re proposing. That would cost you additional money that you don’t need to give up. Just get the loan and pay the interest. It’s WAY less than any investor would want, GUARANTEED!