Dont Think It's Enough To Do The Repairs

General Real Estate Investing
1

Greetings everybody,

Alright, this is the situation that Im running into.
Im in the process of purchasing a 3 units apparment building for a low price of $66,400.
The property needs repair that costs in between $5000 and $ 6000. Im doing the financing this way:
I accepted the user’s asking price.
with 80% leander financing, 10 % seller carry back, seller pays the closing cost ( 4 % of Purchase Price ) but the mortgage lender would not allow me to get more than $2500 for repair cost, eventhough the seller has no problem with me getting $5000 for repairs, and is ok with final amount that he will get.
Does anybody know a way so I can that $ 5000 or so for the repair.
All responses are appreciated.
Thank you all

SofianeCT

2

sofinaCT
Either get a new lender or redo your purchase contract. Raise the purchase price and have the seller write you a check after closing.

3

Greetings,

What I accutually, which Im happy with. I had him do $2500 worth of repairs, and have $2500 cash at the closing.
Since the lender said that they would only allow $2500, and not the 5k.

Thanks, for your response.

SofianeCT