Looking for Investor
I have a property in mind for rehab. Asking price is $38k--current tax appraisal is around $47k. It is a historical house that needs alot of work. After repair value will be approximately $100k maybe more. Ball-park estimates for repairs are approximately $20k. Any ideas or leads would greatly be appreciated.
~Czjaba~
You have 2 bad factors. One is that the price of the loan is around 50K lenders want to do way over 50k. Second is that the money you are asking for is more than the tax value. Your total loan amount should be less than that for a quick exit strategy. I would have the seller take less, or finance it for 90 days get an appraisal done, and go to the bank with a refi or an acquisition with the appraisal.
Good Luck,
Kyle