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Started By
Message
Cash Only Home Auction
Posted on 2/25/15 at 10:08 am
Posted on 2/25/15 at 10:08 am
I'd like to make an offer on a home that is currently vacant. I see it as an great investment opportunity but financing the home is the issue. The home is listed for $175k with comparable homes in the area at $300k+. The home needs work and is currently non-finaceable due to its condition.
What are options for a cash only funding? I have limited assets but a good credit score 720+. I have enough for $20k down payment and am pre-approved by multiple lenders for $400k loans. I do not have any wealthy relatives or friends that I could borrow from.
Thanks in advance. And the home needs about $25-50k worth of work to make it financeable.
What are options for a cash only funding? I have limited assets but a good credit score 720+. I have enough for $20k down payment and am pre-approved by multiple lenders for $400k loans. I do not have any wealthy relatives or friends that I could borrow from.
Thanks in advance. And the home needs about $25-50k worth of work to make it financeable.
3
Posted on 2/25/15 at 10:28 am to LStU
Look into a Fannie Mae Homestyle program. I think it allows investors.
Posted on 2/25/15 at 10:51 am to LSUFanHouston
You're not likely to get a bank to loan you the money for the house in the condition it's in.
Find a partner who will finance the deal and split the profits with him.
Find a partner who will finance the deal and split the profits with him.
Posted on 2/25/15 at 2:13 pm to LStU
Whats the lot worth and whats wrong with the house?
Posted on 2/26/15 at 3:00 pm to misterc
Lot is worth approximately $75-100k
Posted on 2/26/15 at 3:08 pm to LStU
What city and part of city is this in?
If you own another home, you could get a HELOC.
If you own another home, you could get a HELOC.
Posted on 2/26/15 at 4:45 pm to LStU
Try and see what your bank will give you on a line of credit?
Posted on 2/26/15 at 5:53 pm to LStU
quote:
And the home needs about $25-50k worth of work to make it financeable
You sure about that? Plan on more. There's always more.
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