Help! Hard Money Question! Rehab Then Refi & Keep?
I have the opportunity to purchase a lakefront home (Claytor Lake) in VA that is worth $400K to $500K for just the lots. (Double Lot) It also has a 2 BR 2 Bath home with a double decker deep water dock with boat & boat lift for $150K. I would like to purchase it (LOL!) and rehab it ($150K) and then refinance it to a personal 2nd Home/Seasonal Rental Home.
Any ideas of how? Could this be a straight HML and after 4 to 6 mos converted? Or are there restrictions?
Thanks!
Ray
Why do you need to do it hard money? Is it a fixer?