Just had an idea that maybe someone could help me with. I’m looking at relocating to soutgh carolina. and either want to purchase a home or buy land and put up a modular. Now i know conventional lenders look a length of servise with your employer. I’ve been told they can get around this with a letter of intent to hire and can go to closing the day i start work.
Now i don’t have the numbers infront of me but i know my debt to icome level is a little higher than normal. and last time i pulled my fico it was a 620, since then i have paid off a personal loan and aquired a some more credit card debt to to medical expenses. Not to bad though, No lates in atleast the last 24 months.
Find a home say for 70k that apraises for 80k. Private lender give me the money to purchase the home. Next day i refi and they walk away with there origianl 70k + 5k for helpin me out… talk about quick money.
Now what i really want to do is buy a piece of land, and put up a modular. A brand new home sounds real nice. and to my understanding they aprase the same as a stich built. Any way these are some rough numbers i could be way off but lets see.
Now it should be posible tovhave built in equity when the project is complete right???
So say she apraises for 80k. I could do a refi to repay the private or hard lender that finaces this project. and walk away with a brand new home in a nice sub div and the investor could walk away with 5k-8k within 6 months.
Now i’m sure there is something i’m missing. Please let me know how i should aproach this. I’m looking for a home for my family. Not to make money, and if someone is willing to help me with this project I’m sure they will make a nice chuck of change quickly.