Rehab Money Needed
I am currently looking at a REO for rehab and I need money to do the deal.
1650 sq ft
5 bed / 2.5 bath
1 car garage
List Price: 70,900
RV: 100K
Estimated repair cost: 8K
I plan on offering 60K cash and do the cosmetic work myself. The house is in an upper middle class neighborhood and close to the university. I will be able to sell it for 110K+ if I offered it as RENT TO OWN.
I have very little money of my own and not so good credit. I am looking for a lender or partner who can help with this deal.
So you need someone to finance the purchase and the rehab, or can you handle the purchase with your credit/cash problems?
If you don't have the credit to purchase yourself you are going to be hard put to find someone to go the whole nut. There may be folks out there, but they will want the majority of the profit, I know I would.
[addsig]
You can find a hard money lender to do the deal if you have experience. I am doing 3 deals like this now and all I had to have is the earnest money and appraisal fees which I borrowed. You will not have to give away all the profit but you will have to take all the risk. You may be able to find a partner with good credit but too busy to do deals. Keep plugging it will come. If I can do it while in Chapter 7 and Chapter 13 at the same time you can do it.
Good LUCK and Thank You
Hope this helps some
Ted Jr
Tedjr,
Can you give me some hard money contacts?
I enough of my own money for the appraisal and other fees. I will gladly take the risk and share the profits with someone who gives me the funds to purchase and rehab the property.