First Rehab! Need To Find Money
I'm submiting my offer today for this property. I'm not to sure how I can get financing for this since it's an REO and my banker only has me approved up to 80% purchase.
I need the cash for the price of the home and the rehab cost. I have no cash and my middle score is 555 but I'm working on it so it may be higher by now. Ok here's the property
Asking- $324,000
ARV- $475,000
Repairs- $100,000
Comps- $475,000-$500,000
Offer- $200,000
Thanks for any help.
Nick
Get a coinvestor involved. Reach and agreement w/ them to arrange financing and you give them an agreed upon percentage of the profits. You need someone w/ about a 660 or better FICO and there are plenty of lenders out there looking to lend money. Send me an email and I'll send you the name of a lender I just used on a 100% finance deal. Or ask for a 20k loan from someone and pay them 20-25% in a balloon payment upon completion of the deal or after a specific period of time. Think creative. Sounds like you have a great deal. Someone will jump on it if you offer them a piece.
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