Finally I got my 1st project in Florida. The house appraised at 89,000. however I got it for 55,000.
I paid cash so there is no 1st mortgage.
However it needs things like, new roof, fence, kitchen remodel (very old now) and the standard paint outside and in.
My concern is I will not have enough of my own cash available to me to finish.
What would my options be? I would prefer a home equity line of credit so I would only be paying on what I used, but then I have heard a little about intrest only loans?
Can anyone help me I am a newbie with this but really want it to work.
Thanks
Antoinette
Depending on your credit scores you may be able to get a loan with a conforming loan program. There is also another program available which would let you borrow the money based on the value without an appraisal. You could go either full income or stated income.
Feel free to contact me if you need any assistance or have any other questions.
You want a Lender that uses AVM’s (automated valuation models)…I.E., no field appraisal.
THanks…do you know of any that do that???
You could also go to Lowe’s and/or Home Depot (or the local store of your favorite flavor) and open an account with them…
What is the long-term plan for the “project property”?
Keith
What are your intentions regarding the future of the subject property? Fix up/sell? Rent? Occupy? Other?
And regarding the previous reply suggeting retail credit, I would respectfully disagree with that idea, as retail credit cards will charge upwards of 15-20% on merchandise, and you are still hard pressed to fund the labor separately. Why not take the HELOC (which, incidentally is interest only and allows you to pay on only what you use, including possible needed cash for labor that you wanted to outsource to potetnial contractors)?
Anyway, congratulations on your deal here and let me know when I can be of assistance to you!
Good luck and God Bless!