My First Home

[Naskat Williams]

I have found a great REO property at 50% of the ARV with minor repairs, such as refacing the kitchen cabinets, and sanding the floors. The home is worth $300 to $320k, and I can get it for $150k. The only problem is I don't have money for the closing costs,down payment, and transfer fees, which is about $17,000. NY has some of the higest closing costs in the country, and I don't want this to stop me from purchasing my first home. I am already preapproved with Chase bank. Since, this home is going to be my primary residence I can not get a hml to fund the deal. Where else can I get the money?

I am willing to sign a partnership agreement for the $17,000 with 15% interest, where I will pay monthly interest payments, and cash out the investor in six months when I refinance the home to finish the basement.

Also, I want to get this deal done because my lease on my apartment is up, and I have a cashflow property that I want to invest in, but I want to take advantage of this deal first.