Advice Please - First Deal
I'd like some advice on this deal to see if I should go through with it:
Price: 36,000
Appraised (by tax assesor 2003): 71,000
LTV: 57% ?
Repairs: some paint, windows, garden work.
Repair Total: $2000 (est)
Problems for me:
Closing is next week and I can't get a 100% loan. No money for down payment or closing costs.
I work Mon-Fri 8-5pm and can't get off work :\
Should I proceed or wait until I have more time on my hands (2-3 weeks)?
Comments and suggestions and advice GREATLY appreciated!
Deal sounds good if that's all the figures.
Do you have this under a purchase contract?
If so, just dropping it and saying sorry to the seller isn't a real good start to your career.
DP and closing costs should be less than $5K. Could you not borrow this from someone short-term? Don't know your plans for the property, but after your purchase, you could do a cashout refi and pay this money back (plus interest).
If this is really as good of a deal as it sounds, I could get off work. Heck, everyone gets sick (cough, cough, hack, hack). I'd hate for you to be sitting around 20 yrs from now, saying "Yeah, I could've been a rich real estate investor by now, but I couldn't get off work to make a deal."
Roger
Thanks rajwarrior!
Thats certainly inspiring and I really want to close this deal. Just wondering where to come up with the 5K. I can get 2K from friends/relatives.
Anyone in NC want to be a cash partner?
What exactly is involved in closing? Does everyone meet face to face? How long does it usually take and how would I pay the fees? Cash, check.. or??
Trying to get everything clarified heh.
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