My 1st Rehab Project

[Jacqueline McCray]

Hello all,

I'm new to real estate investing.

Recently, I found this 3br and 2bath home that has fire damage upstairs. The family never repaired the damage. I was able to negotiate to get the house for $10,000. This to me is a good deal even with some negative aspect of the property, it is in a flood plane and has very little land. But, I don't see this as a show stopper since many houses, including an apartment building and businesses are in the area.

I figure it would take me about $50,000 (less) to rehab the property and once completed the after repair value would be $170,000. That would give me a quick $110,000 in equity. Well, with those numbers in mind I started to seek out Hard Money lenders to assist because I recently quit my job because it was being offshored. However, I am start a contracting position in two weeks to help out with my household income. So, I've been searching for Hard Money lenders that didn't need proof of income and to my dismay all I read in real estate books that said you didn't need a job they put a lien on the property wasn't true. All the ones I found ask for job verification. So, now I'm stumped at what to do. I don't want to lose $110,000 in equity. Has anyone else had success without verifiable income?