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TOPIC: rehabbing
#2907
Dail & Yolanda ()
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rehabbing 5 Years, 4 Months ago Karma: 0  
i found a property in Michigan where i live it's a REO and the bank wants $89,000.00 for it and the property is not livable we want to keep this propert for ourselves it needs about $20,000.00 in work the broker told us to make the offer @ $69,000.00 (by the way the house in working order not perfect conditions is worth $120,000.00) now i have good credit but no money how can i get fix up money?
 
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#2908
Derek ()
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Re: rehabbing 5 Years, 4 Months ago Karma: 0  
Do an internet search for "hard money".

You'll find sites where lenders will lend you money _base_d on the after fix up value of the property.

Here's one for you: http://www.galaresources.com

Hope that helps

DJ
 
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#2909
Michael ()
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Re: rehabbing 5 Years, 3 Months ago Karma: 0  
Start a business (LLC maybe) and get a line of credit through it.  Get a personal loan from a bank.  Get a home depot credit card for supplies.  Tons of options be creative.
 
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#2910
donald ()
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Re: rehabbing 5 Years, 3 Months ago Karma: 0  
try to get prelim appraisal , euqiuty loan,if lender allows right away
 
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#5465
sivak ()
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Re:rehabbing 4 Years, 5 Months ago Karma: 0  
When I do them on my own I have a established line of credit set up
to cover costs until property sells.
I also have done them with silent partners who invest money only and I run the crews and work and then split profits accordingly,in these cases make sure you have the split of profits defined beforehand.
One thing I always do is make a line item estimate of labor and materials just like i do on a regular customer related job as money investors sometimes have a problem with things that come up that were not forseen,I have a contingency factored in all jobs for that also.
There are plenty of people ready to invest money only and let someone else run the work end.
Good luck!!!
 
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#6152
Jen ()
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Re:rehabbing 3 Years, 6 Months ago Karma: 0  
Hi Dail and Yolanda. Im in Michigan also. Detroit area. I'm interested in getting into the flipping and buing REO's and 4closures. Would you be willing to help mentor me in this area? I could start out by being a birddog or locator of properties for you! I need to start out somewhere learning the ropes!! Email me at JSLawson78@aol.com
 
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