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Author Topic: Looking for Rehab Financing in Michigan  (Read 2439 times)

Offline bsmiley

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Looking for Rehab Financing in Michigan
« on: February 10, 2006, 05:18:14 pm »
 I've been rehabbing homes in Michigan over the last year with my own money and have had great success.  However, I am looking to get into larger, more lucrative deals through Hard Money financing.  I'm looking to rehab homes in a Historical District in Michigan.  The homes in this district were built between 1910-1915 and range from 2,500 to 15,000 square feet.  However due to neglect many of these homes are in desparate need of repair and can be purchased at prices ideal for investors.  This is where I come in - the area is going through its second renaissance with homes selling between $250,000 & $500,000.  I am currently evaluating several homes in the area priced between $75,000 & $150,000.  I am looking to finance the purchase and rehabilitation of these home with 10 - 20% down.  My current mid score is 610 and I am self employed.
 

Bryan S.
« Last Edit: February 13, 2006, 05:04:14 pm by kdhastedt »

Offline carpediemi24

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    • Investor Friendly Mortgage Broker..Really:)
Re:Looking for Rehab Financing in Michigan
« Reply #1 on: February 10, 2006, 06:23:17 pm »
ah, you should be fine!

Just do the math and make sure that the ARV and Repairs don't go over 70%  If they do, that Would be where you would use your money down or for the rehab costs then get reimbursed.

Let me know what you are getting charged...I am building up my Private $ bank for this:)

 
Be your Own Cause
Are you earning 15% ROI?
95-100%NOO Loans/HML's/Private $/Commercial/International

 




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