You left some important information but I hope this helps.
If you can qualify for conventional financing, lenders have rehab programs that will allow you to purchase the property along with money for fixing it up. The loan would be based of the after repaired value and you may be able to get up to 90% of that new value.
What are your credit scores, what is your income source, atime on the job, and how much in liquid assets do you have available.
If you’d like additional assistance in determining what may work for you feel free to contact me.
Forgive me if I missed something, but you mentioned you currently occupy the property but later you commented about an investor loan. Will the property continue to me owner occupied?
There are several options available in which you may not have to put any funds down. Your other brokers may not have been aware of these programs as it sounds like they may have been directing you to local banks which can require 15-20% down.
My suggestion would be just using her credit on the loan to qualify as long we can have her debt to income ratio line up.
Off topic, but does the NjPainter signify you living in Jersey?
If so, where at?
I am in Southern New Jersey and always looking to network with others
in my state.
I currently work with investors who do exactly what you are talking about. I know a few who might be interested and, if it sounds good, I just might be interested myself. Please e-mail me specific information on exactly what renovations you would do, a description of the house–one family?, #bathrooms?, #bedrooms?, gas/electric appliances, type of heat, #floors, basement?, taxes, etc…–and I’ll see what sort of deal we’re looking at. Also, include an accurate estimate of what the cost of the repairs would be.
I may have missed it, but, how long have you been renting this property.
We live in NJ also (Shrewsbury )and always looking for a decent deal… We have cash to put towards a decent investment… What kind of deal are you looking for partnering? loan ? What sort of profit sharing? If we can make it work that would be great. Let us know if you are still persuing this
look forward to hearing from you
Steve and Marie
The listing expires tomorrow…
Have you tried getting a morgage to do the deal yourself and not share profits with another investor? There are companies that specialize in loans to self-employed and/or people with not perfect credit. The percentage is going to be higher, but it is still cheaper than having a partner. Maybe your girlfriend will have a better chance of getting a morgage just in her name? Do you have any money for downpayment? Why split profits when you found the deal and you want to do work on it? Maybe present an offer to your landlord for the minimal price you know he’ll accept contingent on morgage approval for you and/or your girlfriend so that he doesn’t accept other offers?
Best of luck!