What Would You Do?
I just put a property under contract today, it's a 3/1, needs a lot of rehab (possibly $10-15k). I got this property for 10k. Rehabbed it would sell for $45-52k. How would you guys handle financing? I don't want to put a bunch of money up as I don't know if it would refinance easy or not, or, is the margin so large that I should be able to pay cash for it then refi it? It is not in a great area but the comps would clearly show a 50-60k value.
Appreciate any comments
I would either do it with a HELOC I already have, use a hard money lender, or a private mortgage lender.
Thanks BNorton, I have a heloc and have been using it, guess I was looking to get in for as little money down as possible. I found a person that is going to lend the money and I have defferred payments for 6 months while it is getting fixed up at which point I will finance the property and pay the investor back 10% on his money. I think this is a good deal