Hey Everyone,
I am rather new to the rehab business but not a total rookie. I have built about a dozen modular homes and have renovated a few of my own homes. I was going to get into building modular homes in DE but lost my investors for the time being. So that puts me to this potential project that I need funding for. I dont’ know if I should be looking at hard money lendors, local banks or another avenue.
Here is the deal.
Home is a sf total rehab fsbo, asking 150k. Comps are 260-265k
The owner has a current offer of 110k from an investor out of state but they want to tear it down. She is checking with the town (historical area) to see if this would be allowed. She doesn’t believe the house falls under their area.
Estimated Costs:
Rehab 70k
loan cost 20-22
interest???
I have about 10k in cash to work with and a credit score of 590. I do have a business parnter who’s score is 720. I feel this is a good deal and a great place to get started investing but I am stopped with the financing. How do I get the money I need and something I can afford?
Help!!!
Wendy