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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
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  • Young_Inno_Vative
    Young_Inno_Vative3rd January, 2005
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    up

  • ray_higdon
    ray_higdon3rd January, 2005
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    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]

  • Young_Inno_Vative
    Young_Inno_Vative3rd January, 2005
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    so would i ask the seller to pass me the title?
    that would call for what specific kind of contract?
    thanks...
    ~Andrew

  • Young_Inno_Vative
    Young_Inno_Vative4th January, 2005
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    up up uppp

  • ray_higdon
    ray_higdon5th January, 2005
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    Contract for deed or lease option, I think both are state specific.
    [addsig]

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