I have acquired three properties since last year mostly through thr advice I read in this forum.
Now I found a property they asking 112K for. (Comps on the same exact block run 150-180K) This place is a wreck but its mostly cosmetics maybe $40k. If I can get it under contract for 80K, (which the realtor seems to think the owners, in bad bad debt, might accept), I need 120K (80+40) to make this happen. Resale should be at least 175K. (New homes around the corner are going up at 340K) This is gonna move real quick. I mortgaged to the max, hard money is an option but I have no experience, except one triplex that I am almost finished renovating myself. What are my options?
Let me try to clear this a bit. I am to undersatnd that you are looking for financing of a $120k purchase.
Do you have any money to put towards this?
Are you looking for a 100% scenario?
???
Purchase would be 80K, need 40K to renovate, I have about 5K