I am interested in doing this: I want to buy properties that need cosmetic work , I am not opposed to some framing etc, but might stay away from properties with major foundation, electrical or plumbing needs. I want to turn around and sell for a profit, of course.I would probably do the rehab along with my more capable husband.
Do I need to talk to lenders about financing possibilities? I do not have any money to put down on this and might even need a loan to do the rehab. Should I save money for down payment and expenses? Would a lending company allow me to have two home loans? Our current house (that we want to keep) and another? We have pretty good credit, but quite a bit of debt. I will read, but I wonder if I should pursue the idea or scrap it until we pay down our debt? Thanks for any help.
