I have a small/big, major problem I cant find anyone to fund this deal.
I have found a home, 5 Bedroom 3 bathroom 3000sq ft, Asking price is 367k, My offer is 330k. The home needs a rehab, but its mainly cosmetic, needs carpet ripped out, new floors put in, and a 4th bathroom installed, to make it a 5,4. Basement is not finished yet but most of the work is done, the studs are all up,and insulation, it just needs to be drywalled, sep entrance is there. Rehab cost is 20k to be safe. Selling price of home in the area based on comps is 440k. I dont have any equity, but if I can get 60%-75% LTV, I could 50-65% down and pull a mortgage, this would give me enough money to purchase the home, and do a rehab plus carrying costs, aquisition costs, holding, hedge etc etc. Anyone can help out on this one? or any advice? :help: