Need Advice On First Rehab
I have an opportunity to put a house under contract for 45,000. The owner bought it in 2000 for 20, financed some basic rehab and owes 38 combining the first and second. The property has no structural faults, new wiring in 2000 and basically needs new carpets, kitchen cabs, redone bathroom,paint, and desperately needs landscaping (small yard). The house is 2BR, 1bath, on a major thoroughfare.
Since 2000, the real estate market here has absolutely exploded. Comparables that are nowhere near as nice(after rehab) are going for 80-90k.
My question is this...what is the absolute first thing I should do? Also....who (in all of your esteemed opinions) is the best HML for a newbie rehabber?
Thanks 
[ Edited by miami68 on Date 01/24/2005 ]
Conservatively:
65% of 80k (ARV)= 52k
Can the work be done for 7k?
Assuming the comps are correct and HMLs offer 65% of ARV.
Run the numbers, get estimates/quotes. If the deal works, make it.
http://www.rehabfunding.com
Also http://www.thecreativeinvestor.com/ViewTopic11658-33.html