Posted by dewCO on October 14, 2000 at 18:27:33:
Wouldn’t take a partner unless I had to, but you may have to in order to get the work done. That could be risky. You don’t say what its worth now, and what it should be worth after repaired. You got to crunch the numbers and see what makes sense.
If you aren’t make some bucks after you resell, I’d say pass.
REO - Rehab Whats the best way to go??? - Posted by Dwigtht Munson
Posted by Dwigtht Munson on October 13, 2000 at 11:57:14:
Okay guys help me on this one
Four unit building trashed - $20,000.00 to $30,000 required
plus $10,000 for me up front, located in upstate New York. The mortgage co. is asking $49,000. When renovated it is good for about $370 net monthly on a 90,000 30 year @ 10.5 loan. Mortgage Co.says they will lend for rehab. They are located in the state of Washington. (I saw this in the local paper while I was working on other deals) I live in Toronto Canada. While I was looking at the property a contractor was finishing the roof - working for the bank. He is an unhappy landlord in Buffalo(yeah I’ll work on that)
So while the numbers are there they are not great. I am only pursuing it because it is an REO. It is too far for me to deal with day to day. So a flip in the spring is my goal. From a credit view I have been inactive for 5 years in the states and I probably have $500.00 in unpaid bills. So what do I do?? Take this guy on as a partner? he also does rehab. Go It alone and hire this guy? Go to hard money and borrow?