Starting a renovation for investment property
| Listing Information | |||
|---|---|---|---|
| Amount: | $5,000.00 | Status: | Expired |
| Grade: | D | DTI: | 34% |
| Lender Rate: | 18% | Borrower: | kjjackso |
| Finished | State: | GA | |
| Funded: | 6% | Group: | (No Group) |
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Hello all, I will make this short and sweet. I am a relatively new real estate investor and I'm doing my 2nd solo renovation project. I have a house that I've purchased for $125K and I have a certified appraisal for $225K after all the renovations have been completed. The house needs about $15K worth of work, but we are behind schedule and now I'm paying the mortgage on this also. So, I am running out of resources, but I'll be selling the house in the next 3-6 months and I'll be able to repay the loan at that time. Houses in this neighborhood are reselling anywhere from $210K to $305K. I work full time and I pay all my bills ontime. I just need a little help to complete the rennovations. One more thing, this is a business loan because I buy homes, rennovate them and lease option them to people who have slightly challenged credit and then give them an opportunity to fix their credit while building equity in the home they plan to occupy. Thanks for your consideration. |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 26622 | God first, then people, then Real estate | D | $5,000 @ 21% | Jul 25, 2006 | Loan created |
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