Posted on: 18th Oct, 2008 04:00 pm
Good day, I recently purchased a property at a Sheriff auction, the city has the propety tax valued at $48,000, the Sheriff's had the property at $30,000. I won the auction at $20,000. I put 10% down the day of the auction, I have another $5,000 to put down and use towards closing cost. I have been approved with 2 diffrent lenders till it got down to the inspection. The home is in okay shape, it had people living in the home just 2 months ago. However it will not meet fannie Mae inspection standards to get the funding, The foundation, roof, and HVAC is perfect, however the home need gutters and windows. The land is apprised at $16,500, more than I am looking for. I plan to completly redo the inside of the home, replace windows, pain the home, replace the carpet. My guess would be around $10,000 doing the work myself. I would have $30,000 in the home, it should be worth around $55,000 based on comps "If not more" My credit is okay with the low score at 675 and the high being 712. Where do you suggest I look to find $13,000 to finance a $50,000 value investment? Please contact me at "karl960@aol.com"
that is a tough one. Most lenders have minimum loan requirements higher than what you are looking for. You may be able to find a private hard money investor willing to lend you money though.