I Need Help Finding Financing
I am looking for help finding financing for a piece of realestste here. The realestste is a city lot and is a forclosure from 2000. Right now the price is lowered 2 times now from 19,000 is now 9500.00. I have seen the house and been inside. It does need some work. I was a journeymen carpenter so the items are not rough, mostly cosmetic. House has much potential. I have been to the banks with no luck. the value is too low. Does anyone have any ideas? I am not picky as to who I pay interest to or at that, how much interest. I understand 10,000 is not much. the normal interest rates would not do much. I am willing to negotiate or am open for options.
How much are you looking for? You will need to figure in the cost of rehab as well as the property. Consider a home equity line as a first choice, no closing costs involved..
Take a cash advance from a credit card maybe?
Get a loan from a friend for $20K and offer for cash $7K to purchase the property, then use the remaining dollars for the rehab. Do not under estimate the costs for rehab.
Eric & Rosa
[addsig]
If your in a median income bracket, you can get a revolving, unsecured line of credit from many banks for about $30,000 at a reasonable interst rate. Bank one seems to have good rates (prime plus 2, variable I think).
Not sure how much rehab you're talking about, but $15,000 is pretty easy to come by.