Im new and Im trying to get into the real estate game because i believe that having assets and passive income is they way to be finanically free. Here is my problem because of lack of knowledge.
A 3 bed apartment offered for 49,900
The appraised value: 70,100
There is 5,000 dollars in repairs.
My problem is that i do not have any money to put down and i heard that 100% financing for me is almost impossible.
How do i find the money to pay for a 10-20% down payment , plus 5,000 dollars in repairs. I think this would be a good rehad project.
Thanks for the help,
Waht state are you in pfen?
Im in the state of PA
Im just having trouble calculating the numbers. I don’t know if after I rehab the house then flip it if I will have enough money to pay off the hard lender
the hard money lender that i was looking at is a 70% loan at 10% interest if i qualify
70% of the appraiserd amount is 49,070.00. To buy the home you would need $30 PLUS all of the closing.
Are you planning on living in the apartment for a time?
If so, you will have a real chance to buy the property and get, maybe say 10% back for rehab.
I do not do any business in PA but I bet someone up there can do what I do in TX. I could move you in for a little money but there are certian items that you would have to satisify, such as rental history, credit score & job stability.
Buy the apartment owner occupied, get a grant for the D.P. and make a deal with the seller for a rehab allowance. Thats what I would do but all that depends on alot of factores that I do not know.