My First Deal...I Would Love Your Opinion!!!
OK, so this is my first deal and it sounds like a good one. But since it's my first, I really would like some sound, sage advice.
This deal is in Southern California area of Murrietta.
Single family house on a 1 1/4 acres.
FSBO Purchase price of $293K
3 BR, 2 baths w/ an incredible view.
Had an appraisal done which came in at $330K "As Is".
Needs some clean up and TLC but no structural damage. I have estimates for $30K in clean-up and repairs.
After the repairs, I believe the home will bring in $400K+ based on comps in the area. (Recently a smaller home on less land, with no view, sold for $395K)
This home looks to be a good deal and below market in a good area.
My question is this:
How do I get a mortgage for this property, as well as a loan to help clean/ fix it up??
My info--FICO of 665, yearly income of $100,000. I own my current home which has about $80K in equity
Please advise...
Thanks,
John
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