Posted on: 18th Feb, 2010 07:17 am
I purchased a distressed property last January for $22,000, cash deal. My total investment including rehab is $41,500.
The property has been appraised at 122,000 after rehab. The property has been rented for the past 9 months, gross rental income is 1625/Month. I would like to get a mortgage on this property so that I can purchase another property. How do I go about doing this? Thanks.
The property has been appraised at 122,000 after rehab. The property has been rented for the past 9 months, gross rental income is 1625/Month. I would like to get a mortgage on this property so that I can purchase another property. How do I go about doing this? Thanks.
Yes you can. Should not be a problem as long as you can qualify.
Thanks Eric.
Can anyone help me with where I can start to find a lender that can help me with this? I've tried chase and harris bank, they told me flat out they are not interested. Also willing to put up 6 months of mortgage payments as a reserve.
Can anyone help me with where I can start to find a lender that can help me with this? I've tried chase and harris bank, they told me flat out they are not interested. Also willing to put up 6 months of mortgage payments as a reserve.
