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  • April 22, 2008 at 2:44 PM #192623
    Bugs
    Participant

    The construction loan is an option but you would need to go to the bank with full docs, i.e. purchase price info, competing bids from contractors to do the work necessary to fix the house, and an appraial of value when done. And they are going to want you to bring 25% cash to the table minimum. Cash needed probably 75-100K.

    This is exactly what I’m talking about – financing that would allow purchase of the property with the repair costs. The repairs are the “construction” to which I was referring.

    The lender would fund-control the repair costs to make sure the work got done and when it’s finished the property would conform to conventional lending criteria. At that point you could go to a conventional lender and get a long term loan on it.

    And yes, there are a few lenders that might accept another property as additional collateral. Finding one that would take vacant land on might be tough right now due to market conditions, though.

    April 23, 2008 at 12:28 AM #193027
    CA renter
    Participant

    jp,

    How much are you talking about? Have you considered private financing? The interest rate might be high, but if you’re only looking at 6 months or so, it might be worth it.

    April 23, 2008 at 12:28 AM #193049
    CA renter
    Participant

    jp,

    How much are you talking about? Have you considered private financing? The interest rate might be high, but if you’re only looking at 6 months or so, it might be worth it.

    April 23, 2008 at 12:28 AM #193079
    CA renter
    Participant

    jp,

    How much are you talking about? Have you considered private financing? The interest rate might be high, but if you’re only looking at 6 months or so, it might be worth it.

    April 23, 2008 at 12:28 AM #193096
    CA renter
    Participant

    jp,

    How much are you talking about? Have you considered private financing? The interest rate might be high, but if you’re only looking at 6 months or so, it might be worth it.

    April 23, 2008 at 12:28 AM #193139
    CA renter
    Participant

    jp,

    How much are you talking about? Have you considered private financing? The interest rate might be high, but if you’re only looking at 6 months or so, it might be worth it.

    April 23, 2008 at 10:46 AM #193194
    jpinpb
    Participant

    CA renter – Looking at about 450k to purchase and about 100k approx to fix. Say total under 600k.

    Got a lead on a construction perm loan. Going to check into it as soon as I find out if the second is going to reduce.

    Kinda scared. Major project, but I’ll be able to buy a place coastal for close to 2000 prices, when all done, 2001 prices.

    Stomach doing somersaults. Fingers crossed.

    April 23, 2008 at 10:46 AM #193222
    jpinpb
    Participant

    CA renter – Looking at about 450k to purchase and about 100k approx to fix. Say total under 600k.

    Got a lead on a construction perm loan. Going to check into it as soon as I find out if the second is going to reduce.

    Kinda scared. Major project, but I’ll be able to buy a place coastal for close to 2000 prices, when all done, 2001 prices.

    Stomach doing somersaults. Fingers crossed.

    April 23, 2008 at 10:46 AM #193249
    jpinpb
    Participant

    CA renter – Looking at about 450k to purchase and about 100k approx to fix. Say total under 600k.

    Got a lead on a construction perm loan. Going to check into it as soon as I find out if the second is going to reduce.

    Kinda scared. Major project, but I’ll be able to buy a place coastal for close to 2000 prices, when all done, 2001 prices.

    Stomach doing somersaults. Fingers crossed.

    April 23, 2008 at 10:46 AM #193266
    jpinpb
    Participant

    CA renter – Looking at about 450k to purchase and about 100k approx to fix. Say total under 600k.

    Got a lead on a construction perm loan. Going to check into it as soon as I find out if the second is going to reduce.

    Kinda scared. Major project, but I’ll be able to buy a place coastal for close to 2000 prices, when all done, 2001 prices.

    Stomach doing somersaults. Fingers crossed.

    April 23, 2008 at 10:46 AM #193310
    jpinpb
    Participant

    CA renter – Looking at about 450k to purchase and about 100k approx to fix. Say total under 600k.

    Got a lead on a construction perm loan. Going to check into it as soon as I find out if the second is going to reduce.

    Kinda scared. Major project, but I’ll be able to buy a place coastal for close to 2000 prices, when all done, 2001 prices.

    Stomach doing somersaults. Fingers crossed.

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