I have identified a house in my area of TN with an asking price that’s about 50% of market value.
List price $58,000.
Two other houses on the same block, with similar specs, sold last year for $123,000 and $124,000.
This looks like a proffitable senario to me, but I have no money to invest.
I just got a split mortgage to buy my residence last July and haven’t recovered any savings since then.
I do have a fico score of 830 though.
Is there any way for me to get this house plus funds to rehab and sell it with no down payment or closing cost?
Can a Hard Money Lender work a deal like this?
Do I have any options?
Thanks,
Vermifuge
This may work out well at your local bank’s commercial loan department. Make sure if you speak to a rep there that they are not looking for residential financing for you.
If this doesnt work out then a hard money loan would be a perfect source.
There are conventional rehab loans but with the lower loan amount the costs would come out about the same.
HML are much easier to qualify for and quicker to fund.
If I were you I would just get a hard money loan, even better if you have good employment and we see that score very impressive you should check the rehab and hard money section on the website and call different lenders they are set up for people like you in this situation.
Bruce Wayne