MY First Potenial Sweet Deal
This is my Deal,
First off the property is a total major rehab. It had been fire damaged pretty bad. The value of the house before fire damage was about 58,000 to 60,000. After the owner recieved his insurance money on the property he has a agreed to sale to my for 13,000. After walking through the fire damaged house to think it would cost me about 6,000 to 7,000 to rehab. realizing that the property would apprasial for about 70,000 After repairs. I have 13,000 cash. but I do not want to use any of my money to purchased the property. could anyone give me some advice on how to make this deal.
HELOC on primary residence.
Could you borrow from credit card companies?
what do heloc stand for
HELOC = Home Equity Line Of Credit!
Good Luck! Sounds like a good opportunity to make a couple thousand $$
[addsig]
Use a hard money loan. They are expensive but makes sense in you case. BTW they will loan you about 60% loan to future value.
i dont understand why he would sell to you for that much less than market, or why the insurance or mortgage company would not try to get more for the house?
agreed.........im putting 22k in a house that isnt fire damaged. That basically calls for new flooring, siding, paint, windows, cabinets and bathrooms.