Like A Deer Caught In Headlights

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I am under contract to buy my first property. I am fairly certain that it needs about $25K in repairs. I figured that I can make that back plus another $20K when I sell it. My problem is two fold: I can make the mortgage payments but can't afford the payments on the renovations. Most of my cash is tied up in the start-up of my business. I don't know how to find a reputable contractor who can do the work quickly. Does any one have any ideas on how I can make this project work? confused

Comments(1)

  • fmmp29th February, 2004

    1. Sell to another rehabber make a couple of grand and go back to the drawing board.

    2. Take out a loan.

    3. Give the contractor another $5K to wait until house is sold. Then he would be financing repairs.

    4. I am not certain of this but a HML may be able to help.

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