:banghead I am new to this but I have a deal for a REO. i have a private lender how do i set this up. I am a little slow so i need step by step instruction.
239000 purchase price
560000 to finish repairs
557000 proposed financi
19000 at closing
208870 upfront cash
but i get 208870 in tax credit
IT IS A APARTMENT BUILDING WITH 16 UNITS ALL READY GUTTED
INCOME AROUND 125000 :banghead
now does this work do i need to come up with all that money or do in need just the closing cost. I will be using the private lender so i really need to get this right. can u suggest something i can read or a place i can go for fast help. cannot let this one get away :cussing
Hi,
Your not really supplying enough information in regards to this property!
You have $239k in purchase and $560k in repairs, yes the private money lender will expect you to put up your cash for the purchase and closing cost’s! The private money lender will disperse money in draws for the construction costs.
My count with the information you gave tells me you need roughly $247k plus any private money points or loan origination fee’s not wrapped into your loan.
GR