Posted by Dave NY on December 08, 2004 at 13:04:00:
Your best bet would be to rehab it with a hard money loan and sell it for full value with 10% down. You can then sell the note at closing and do a double closing.
If you want this home for yourself, but have bad credit & no money, the other option is to negotiate with seller & try to get a lease option agreement or land contract. You would still have the problem of geting money for the repairs.
Dave NY
Bargain Dream Home - Posted by David
Posted by David on December 07, 2004 at 22:46:54:
After I had three deals fall through that should have been wrapped up I was obviously frustrated, so I decided to dream bigger to get myself out of my mindset rut. I drove around looking at waterfront mansions (It’s great to be in Florida!) I found a vacant ugly fixer upper with a fantastic view ! But I still can’t afford it (bad,bad thinking) I began to think about how I could afford this property. (I want to fix it up to live in) I started talking to one of the neighbors walking his dog and he told me it had been sitting vacant for two years. AND the vacant lot next to his house has been sitting there for 3 years! The owner was going to build a 14,000 sf house but changed his mind after he found a new site and tore it all down.
I have an investor that will pay a premium for waterfront corner lots, so what I will do is see if I can get the lot cheap enough to flip to cover the points for a hard money loan to fix up my dream home. There is no pre-payment or seasoning issues and the loan would be at 65% LTV.
My plan is to refinance after it is fixed up and pay off the hard money loan, and if I can’t handle the new payments I will rent a couple rooms out to other young proffessionals.
Is there a better way to buy this property creatively? Any ideas would help. Am I just dreaming or can this really be done? I’m no where close to being a millionaire but I am serious about buying this $2 mill + home.
Thank you for all your help!
If you feel the house is really valuable today and tomorrow with good land value. And dream home is a valuable boon, when it is out to reach you, you have pay attention. Of course you have to bargain for the down payment, interest etc. But make sure the home is worth enough and suits your lifestyle. Either it is a flats in Pallavaram or an individual home put effort to get the ownership