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Rehab Financing, W/ No Cash Flow

Young_Inno_Vative profile photo
  • Wednesday, January 05, 2005 @ 08:43 AM EST
  • 5 Comments

im looking into a 4 property package for 180,000
but i have no job/cash flow from any source too pay the mortgage while rehabbing the homes...
iv been preapproved for financing a multi-family home up to 400,000 but im not sure of the available products for rehabbing properties.
are their specific loan packages that include money for purchase AND rehab work?
iff so, is there a way to defer payment until the homes are sold at a profit after being rehabbed?
~Andrew

Comments(5)

  • no photo
    Young_Inno_Vative3rd January, 2005

    up

  • ray_higdon
    ray_higdon3rd January, 2005

    If it's a FSBO you might negotiate with the seller to hold the financing for a few months until you can refinance after rehab. Just a thought
    [addsig]

  • no photo
    Young_Inno_Vative3rd January, 2005

    so would i ask the seller to pass me the title?
    that would call for what specific kind of contract?
    thanks...
    ~Andrew

  • no photo
    Young_Inno_Vative4th January, 2005

    up up uppp

  • ray_higdon
    ray_higdon5th January, 2005

    Contract for deed or lease option, I think both are state specific.
    [addsig]

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