Posted by William Dunn on February 21, 2006 at 18:16:17:
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To rehab or not to rehab… - Posted by laura
Posted by laura on February 01, 2006 at 12:41:10:
Hello! I have a questions for all of you experienced rehabbers out there. (Yes, I am a rehab noob!) My family used to have a corporation. However, we still have a home in the corporate name. It is owned free and clear. My partners want to get rid of the property, as they live several states away. The property is in the same town as I am and it has just sat there for the past year. They offered to sell it to me and I have limitless time. Here is what I want to do:
*Fix the home up for under 15K
*Sign a contract to buy with my partners for 20K
*Find a buyer and sign a contract to sell for 46-56K (I have done comps in the area as I am a realtor)
*Close with my partners and my buyer on the same day
Where do I find the $$ to do the rehab? I don’t need money to purchase and rehab, just rehab.
Secondly, has anyone done anything remotely close to this? Tips? Suggestions?
Thanks!
Please! Need help from rehabbers! - Posted by LauraTX
Posted by LauraTX on February 01, 2006 at 16:45:58:
Hello! I have a questions for all of you experienced rehabbers out there. (Yes, I am a rehab noob!) My family used to have a corporation. However, we still have a home in the corporate name. It is owned free and clear. My partners want to get rid of the property, as they live several states away. The property is in the same town as I am and it has just sat there for the past year. They offered to sell it to me and I have limitless time. Here is what I want to do:
*Fix the home up for under 15K
*Sign a contract to buy with my partners for 20K
*Find a buyer and sign a contract to sell for 46-56K (I have done comps in the area as I am a realtor)
*Close with my partners and my buyer on the same day
Where do I find the $$ to do the rehab? I don’t need money to purchase and rehab, just rehab.
Secondly, has anyone done anything remotely close to this? Tips? Suggestions?
Thanks!
Re: To rehab or not to rehab… - Posted by Patrick S. Lawson
Posted by Patrick S. Lawson on February 01, 2006 at 14:43:05:
Rehab lenders…check out www.ohiorehabloans.com for a basic idea of how they operate.
Re: Please! Need help from rehabbers! - Posted by Pat
Posted by Pat on February 01, 2006 at 18:58:19:
I normally roll my rehab costs into the total financing package. I usually work it out so it’s at the required LTV and get the financing woth no money down. Afterwards, I requisition monies for the work as it progresses.