Posted by jasonrei on December 11, 2003 at 23:02:12:
Get a hard money loan (search this website for advise on how to find them). You might be able to borrow close to your purchase price.
Find someone to loan you the difference, plus some repair money, plus some money to cover a few interest payments.
Fix the house up, get a draw from your lender to cover most of what you’ve put into repairing the house.
Actively market the house.
Sell it. Pay back all the loans.
Keep the difference.
i have a deal that has been accepted from a bank on an REO.
MV is 110,000, the offer was 61,700. it needs about 8000 in repairs. problem is… i have no money to purchase the home or repair it. i have no income, no assets, no credit, and no partners. what do i do?
If you are good enough to get a bank to accept an offer of 55% LTV, you can flip that agreement to a local investor and make about $12,000 easy. Just advertise the home as “Investor’s Dream!- 65% loan to value home- Needs TLC” Home Rehab people will be crawling up your doorstep to talk to you. They are always looking for 65% LTV and 70% LTV after Rehab. Yours is not exactly that, but it is close enough to flip with a local paper advertisement. Have a title company handle all the details. You can get a check at closing for bringing such a cherry deal to a rehabber.