I found a nice house in a nice neiborhood its a friend of mine grandmothers house. There is 85k left on the mortgage. The comps in the area are between 185-212k retail. The house could use some updating but its completely livable now…The heat works all plumbing is tight … Its a detached single famly home 3 level…3brm… with a second kitchen on the second level that can be converted to another bedroom There are two full baths and a half bath in the basement. But as a new investor I am looking for a way that I can partner with an investor to aquire the property fix it up…And continue to live in it after repairs but also compensate myself and my investor…It could use about 20 k in updates …I would appreciate any help.
I think you have a real uphill challenge to find an investor to back you while you live there. From what I understand, many HMLs will not due a loan under those circumstance.
why not do an owner/occupied loan for 100% and use credit cards to fund the rehab. also consider to have the seller cut you some cash back after closing
I agree, there are a lot of programs that go to 100% financing if you are living there. That’s your best and most inexpensive route to go.
Just make sure you do a no prepay with the loan otherwise you’ll get stuck paying a hefty fee.
I also think you will have a hard time finding an investor when you plan on living there. Find a deal with a mortgage company for 100%…You already have a ton of equity if you get it for 85