I just landed my first deal…a 1634 sq ft house buit in 1980 with 3 bd 2.5 bathroom…basement 834 sq ft…the home owner wants 11 grand to walk away and i just got a loan of 180k…home is appraised @230k…she owes 152k…my payments will be $1500…the house needs the bathrooms,kitchen and exterior… interior paint and carpet.After paying everything i only have 10k left for rehab…which i think won’t be enough to at least sell the house for 250k…because i want the 10k left to be able to make my mortage payments till i sell the house.I don’t have any other source of income …can i get a line of credit for the home improvement repairs …is it a good idea…please help…
Hi,
Did you already get the loan finalized? I find it helpful to build the repairs into the mortgage/loan amount. That way you have a lump sum to complete all repairs…and one payment each month until you sell…something to think about…
Mandy:)