What would you do? How would a player get this Monster house?

[Chiara Poderi]

I know if I had more experience I'd be able to close this deal. Please experienced ones throw me some wisdom. I own two houses I can use as collateral. One primary that zestimates at 377k (paid off minus a $65k new HELOC) that's currently listed on the MLS for $524,000 and one Investment home that zestimates at 187k (paid off minus a $29,k family note) that will go on market soon. I got 30k reserves.

Last month, I found a fixer upper house that I got under contract through a realtor friend for 395k.  This last home will appreciate (dirt alone) it's also river front in the downtown of a sought after ski-town.  I'm self employed since 2014.  Taxable Income 40k.  

I've worked with lenders for Cash-out and I couldn't pull enough from the two.

I'm working with several APLenders and a few are trying to make it work with my Construction Company and/or personal but it's real close and the closing date is creeping.  

Any ideas? help? guidance?

[Kathy Henley]

@Chiara Poderi We are not players, we are property investors. I don't see that you analyzed the cost of owning the property, only the cost of buying. You mention that it is a fixer-upper. Maybe you intend to sell it after rehabbing? or holding it for the income? Either way it needs more numbers to see if it is a good deal. The value may increase over time (appreciation is terrific) but it costs to rehab and sell a property. What is the cost of completing the rehab? How will you pay for it?  For holding it as a rental, one needs to weigh the rental income against the expenses, by year, with consideration of fix up costs. If it is a good deal, find a money partner by sharing your analysis.