First Timer. Need Advice And Basic Info
Please tell me if it is possible to make this happen.
There is a house across the street from me that was just foreclosed on a few months ago, it needs work and would be a great investment.
I only have a 590 credit rating but would like to do the following:
1. Purchase the property with a NO DOC /No Ratio loan
2. Get cash back at closing by overpricing.
Do you think this is possible? How would you go about doing this? Any information would be of great help.
The house is now owned by a finance company so I think I can get it for a good deal and make about 40K profit.
Talk with one of the lenders from this site in the lenders section. They would be able to illuminate you as to the possibilities.
Thank you for the info. Do you have any suggestions on raising mmy score?
I do have a job but it is part time 30 hrs a week with a temp company until November and then I will be hired by the company. My score was in the 630 range but i have something that was put on there that I am disputing and I was laid off last year and was late on 2 of my credit cards for over 30 days. THis is what is making my credit score low. I also have two old negative items on my report that are paid in full and will drop off in 2006. I am hoping this will help my score too when they drop off. I own my own home would it be possible to refinance and use that money for rehabbing?
[ Edited by kaliryan on Date 10/02/2005 ]
Go to www.creditboards.com. DISPUTE EVERYTHING. According to most of the feedback at www.creditboards.com. You have a good chance that at least a few of those things will be wiped off your credit. Possibly even new negatives.
Thank you so much for the information.
Hello
2nd bath adds desireability as a rental could add rental $.
Cost fiberglass tub $400, toilet $80, vanity $ 80, tub surround
$ 60, med cabinet $ 100 , fixtures $200 , flooring $ 100, electrical, plumbing depends on if you do it yourself or hire it. And of course the dreaded deadly complexity of the project.Posssibility to add major costs to the job.
Hope this helps
Ed
Another bathroom could add $25 to $75 to your rent.
A walk in closet is much cheaper and adds appeal. Could add $25 to $50 to rent.
To make your best decision,survey rental adds in the local paper or check with a rental manager/Realtor to determine how much additional rent you could get.
Then compare that to your cost for the bath or closet to see what your return will be.
Also look at the improved asset value would be if you plan to cash out any of the value.
Is the spare room a reasonable size for a bath or will you have to squeeze everything in? A poorly designed/done bath could be a liability instead of an asset! A walkin closet has a lot of renter appeal and is a lot less investment.
Also check to see the number of bathrooms most apartments have in the area.
an additional bath will increase the rent but by how much I cant really say. The most important think to keep an eye on is the appeal of a 2 bath when you are ready to sell. It makes a huge difference!
Go for it as long as you can do most, if not all of the work to keep costs down.
The addition of a 2nd bathroom will benefit you in the long run.
Good luck to you.