I have finally found the house I want to make my 1st deal. I am going to take a 2nd look monday. Need to know if anyone here knows of a good Real Estate Invesment loan company in ILL.
Credit is not the best,but has improved over the last 6 months.
Thanks in advance for your help.
Antstefani
Thanks for your response…I am not sure what info you need but here is some…
I am going back to take a 2nd look today,our credit is around 575…or at least that is where is was in decemeber…my husband got hurt at work so he is getting disability from his union so I don’t have real proff of his income. That has been going on for 3 years and he has another surgery coming up to just completely replace his knee…so last there years income is shot on paper cause he gets no w-2 for disability…
The house itself is just 2 blocks from where we live,it needs at least 40k in repairs but it is an reo asking price is 45k…I would need a loan for what ever we agree on price wise and the 40k to rehab…other house in the area similar it this are going for 140k to 180 dependiing on there condition so the profit it there…
Let me know if you are in need of more info or if you or anyone you know can help us.
Thanks again for your reply
Antoinette
If you aren’t using hard money or a line of credit then this will be very difficult for you to accomplish. You’ll need a construction loan if you’re going conventional. Lenders tightened their requirements for these types of loans 3 or 4 years ago. You’ll have to inject some of your own money, probably 10% or more. You won’t find financing to buy the property and rehab it with no money out of pocket, not by a long shot. Unfortunately, many will start finding good deals due to the mortgage mess, but few will actually be able to take advantage of them. Of course, this is great for experienced investors. The reality is, experienced investors have been mostly selling or doing nothing the last few years. It’s their time to start buying again.