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TOPIC: FixitUp
#5844
FixitUp ()
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FixitUp 3 Years, 11 Months ago Karma: 0  
Property owned outright: cost basis $85,000. renovation needed 90,000.
value: $230,000 to $250,000. $60,000 to $75,000. awaits my taking when i
complete the deal.
Another Property for which i am in contract: valuation: $150,000. purchase price: 130,000. Equity in: $35,000.
cash downpayment: lease option paid $15,000
PROBLEM: MY CREDIT IS FAIR. ON PAPER THAT is $90,000 to $100,000 profit when executed corretly.
How do i negotiate these two deal. i thought about executing the property that i am in contract to buy and taking out equity to fix up the property own.??????

HELP HELP
 
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#5865
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Re:FixitUp 3 Years, 10 Months ago Karma: 2  
Consider:
Property 1: Would the owner consider being the "bank"? Execute a mortgage with him/her, record it. You make monthly payments to the owner. Get a 2nd mortgage or HELOC for the repairs. When the repairs are finished, sell the property or refinance the property at 80% of the market value and pay off mortgage #1 (the owner) and mortgage #2 (the HELOC) and you will still have a little to put in your pocket.
Or, you could lease-option the property and do the repairs. Some lenders have programs where they recognize a lease option as a refinance and not a purchase. This could be risky, though, so make sure that you record a memorandum of agreement for your protection. You don't want to be in a position where you have a lot of your money sunk into the property and there is a glitch in the paperwork or the owner passes away and there's no record of your agreement.
Or, you could borrow the money from a hard-money lender, but that might end up being pricey. Make sure that you understand and can afford any monthly payment, fees, points, interest rate, etc.
I'm not following you on the second one, but it sounds like your idea about taking out a line of credit on this one to do the first one is feasible.
I'm not a lawyer, banker, or anything like that, so (as always) it is a good idea to consult a professional.
Good luck!
 
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