I have access to a hud home that is listed at 84,000. (flexible) and the market value is 121,000. It is a 2-story 3bed 2bath w/garage 2livingareas. Southeast of austin. I am just getting started in real estate investing and i need help with the financial phase. I will do what work needs to be done to the property myself. Can anyone help?
Howdy Rolltide:
Is it listed as owner occupied or open to all buyers? You can use hard money lenders if you have some experience in construction and rehab in most cases. They usually loan 70% of the repair value. I few are listed at the site below:
I have an incredible new program for you ! Excel Mortgage Corporation now has a great new rehab-to-permanent loan program. We’ll loan up to 80% of the ARV, and will allow the rehab period to be 90 days, then we will convert the loan into a permanent 30 year fixed rate loan. This is a great program to rehab homes, hold them long enough to do a lease/option - then cash out. It also helps you to hold it long enough to avoid the nasty capital gains taxes you pay if you hold for less than 12 months.