What Would Be Best?
Hello all. I have just recently purchased a sfr that was in foreclosure for $10k that was owed on the mortgage. The current fmv is 65k. It needs about 6k in repairs. A nice house and I plan to make it my primary residence for a while. I borrowed the money from the bank to purchase. My questions are would it be possible and what is the best way for me to get another loan to pay off the existing loan I have, perform my repairs and have some money left for investing in some other properties? An equity loan, line of credit or what? Thanks to all that respond.
Personally I would wholesale out to another investor.
Let me give you an example of a recent deal where I purchased a 60k property for 6k needed 14k in repairs and simply sold for 13k making a net profit of $6,375 in 24 hours.
I use county and state rehab funds to normally repair and improve property as most are vary low interest loans.
[addsig]
Depending on your credit, etc. you may be able to get a 203 (rehab) loan, or simply re-finance to take cash out for repairs.
Good Luck!