Fixer Upper with excess land
I just put an offer on a single family residential property. Built in 1920 and needs about $15,000 in updating and repairs. It has acreage which I'll subdivide and sell but will take about 1-2 years to get top dollar for the lots. My question is what is my best course for financing since I intend to keep the house as a long term rental.....should I use a mortgage broker? A bank probably won't like the land improvement ratio and the condition of the dwelling. I'm going to pay cash and use my equity line for the purchase to get a lower price since it makes it a cash offer to the seller. [ Edited by landpimp2000 on Date 01/26/2003 ]
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