My First Deal...I Would Love Your Opinion!!!
OK, so this is my first deal and it sounds like a good one. But since it's my first, I really would like some sound, sage advice. This deal is in Southern California area of Murrietta. Single family house on a 1 1/4 acres. FSBO Purchase price of $293K 3 BR, 2 baths w/ an incredible view. Had an appraisal done which came in at $330K "As Is". Needs some clean up and TLC but no structural damage. I have estimates for $30K in clean-up and repairs. After the repairs, I believe the home will bring in $400K+ based on comps in the area. (Recently a smaller home on less land, with no view, sold for $395K) This home looks to be a good deal and below market in a good area. My question is this: How do I get a mortgage for this property, as well as a loan to help clean/ fix it up?? My info--FICO of 665, yearly income of $100,000. I own my current home which has about $80K in equity Please advise... Thanks, John

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