Looking for a little advice...

[Big_River]

I have just signed contract on a home in the outskirts of St. Louis. We ran into a little snag with funding and started to loose it a little Let me explain:
840 sq ft, Brick SFH
ARV 90-95k
Purched for 58k
10k in repair
Bank will pay title expences(it’s an REO)

My personal situation is such:
694 Credit Score
No stink’n job
$20,000 on hand
No debt except 1 car payment
Wife has 700 score and makes $30,000 a year.

The financing, my guy at the bank refered me to, looked like a GREAT deal. 0 points, $400 LOF, 7.5%, 80%LTV. . The bad thing was they were going to require 20% down, which eats in to my stash of green-backs. He called me today and told me “he didn’t see enough”… what ever that means. Should I even be upset that this didn’t work? I know I can get 80%LTV from somewhere without 20% down! My wife recommended we get traditional financing (58k and 30 year fixed) and use OUR money to make the repairs. Is this a good idea? This being our first flip and all just makes me nervous, but MAN, what a rush!!
One more question…Does anyone know where I can get a list of all the expences OTHER than repairs? We have a very organized Excel thing going but just feel like we’re missing something. Thanks.

[cherrynnational]

Big River,

Sorry I can’t answer your question directly, but I am curious about your “excel” thing you got going. Any chance I can get a copy of it? As far as the rush, I am hoping to feel it very soon.

Dan

[Mdhaas1]

I think I read on another thread that you just moved to St. Louis. Is this property O/O or Investment?

[Corilda]

Go over to the thread about “100% financing”… I just put a source for investors there… Or for rehabs, there are several companies that loan exclusively to rehabbers… try www.brookviewfinancial.com, for instance… they will loan for the purchase price and the rehab costs, based on a percentage of the after repaired value… not cheap money, but you don’t have to make any payments for the first six months (interest is accruing)… gives you time to do the rehab and hopefully find a buyer before you even have to make a payment!