Hi,
I’m currently looking into a REO property. It needs repairs, the cost for the property is low. What is usually the process for this situation? I don’t have good credit. What are my financing options?
Thanks
Erica
How long do you plan on keeping it for? Fix & FLip?
Yes. Fix and flip and it has a huge pool. I’m not sure if this would be something that would be a good thing. Would I need to get it appraised? How does the process work?
Thanks
Erica
Due your due diligence with an inspection and have your re agent advise you on the comparables to show the market value. I would also suggest you get multiple estimates for repairs.
Knowing the value and how much it will be worth after spending $XX on repairs will tell you what you should offer.
How about financing with bad credit? Would this be a hard money lender? Or would it be a deal with the bank that owns it?
Thanks
Erica
It would likely be hard money. Most hard money lenders want you to have some skin, or cash, in the game these days.