Rehab Without Hard Hard Money
I had done several deals using a hard money. However, I have recently come across properties that I think are good deals but do not find the 65% APR Value rule that hard money lenders have.
If only a small amount of work is needed. Is there anyway to finance without using a hard money lender?
Have you tried a HELOC on another property or your personal residence? How much do you need to borrow?
I need to borrow about $115,000. The property is $100,000 and only needs $10K worth of worth. The APR Value is between $160,000 - $170,000
I have a program that goes to 85% ARV in Michigan .
Brian
Brian
I am in Illinois
Is it in Cook County?
Yes, the property is in Cook County
Okay I will keep that in mind if I come across properties outside of Cook County. However, most of the properties that I buy are in Cook County. Cook County includes a very large number of cities and suburbs in Illinois.
I can understand why someone would not want to put money into real estate in Detroit. A city that formerly had 2 million people and now has 900,000- there are a few more houses there than anyone needs...
Chris
I recently completed my first rehab out using any hard money. I used a Home depot card (no payments or interest for 12 months) , a lowes card (same deal as Home depot) and I made a deal to go with a window company instead of Home Depot where that company installed all my windows also at no payments for 12 months AND at only 4% interest (beats the high credit card interest of 21% for both Home depot and Lowes!). total rehab costs: $10K. Out of pocket ($0).
My rehab is no in escrow to sell and pay off the rehab costs before the 12 months are up.
High 5 Colin.
home depot and lowes are great for flippers
i got a 4k credit limit at lowes the first day i applied
2 weeks later i spent 900 on cabinets and paid it off
the second month two months went by with out any
charges and i got an unsolicited credit increase to 10k.
now i have no worries about actual rehab money. as i can buy whatever i need either at lowes or home depot.
try getting a financial partner for the puchase rather than a lender.
[addsig]
get a shady appraiser.....
j/k
On the way to jail,
Quote:
On 2006-07-10 03:03, jbledsoe wrote:
get a shady appraiser.....
j/k
Hey Centralstates,
Will your lender do the state of Texas at 85%?
thanks[ Edited by acesking on Date 07/12/2006 ]
Hey Centalstates,
Will your lender do the state of Texas at 85%?
thanks