I recently purchased a 4/2bd 3950 sp ft house in Leawood,KS . I paid $200,000 and it should have an ARV of somewhere close to $400,000-450,000 after I finsih rehabbing it . So far I have a 72,500 in the rehab , all out of my own pocket .I need about 20,000 to finish and time is running out on me . My current lease expires at the end of this month and I was hoping to be moved in. I have a W-2 verified income of 125,000 and FICO score should be between 625-650. Can anyone help me out until I can refi and pull my cash back out ?
Check your local paper for local private money or even a community bank. Let them know you will give them a 2nd lien position and prepay to pay 12-18% interest.
Oh…I forgot to state that I opted for 100% financing <80/20> so I already have a second on it . Another thing I should mention is that my income to debt ratio is great .
Oh I forgot to mention, have you looked into getting a HELOC…let the bank know its for improvements to bring the property value up…
yes …they stated that they couldnt extend any credit on it until I Have owned it 6 months . I have only owned it 5.
Read your messages!
I give credit for someone who take actions. The greatest tragedy is all the poor soul who has ideas, but died without actions, a greater lost to humanity. Just plan better and ask , or get a second opinion from an expert to check your number and play devil advocate.Need to have your ducks in a row! i dotted t crossed … Hope this help. By the way I do calculations all day long. Everyone interpets informations differently. Have to be on the same page.