Updated almost 11 years ago on . Most recent reply
Purchasing a gut rehab
Hello BP members, I have been doing some research on here about my situation and I have not been able to find anything that is exactly like what I have going on. I apologize if I have blatantly missed another post that has this info already. Any insight would be greatly appreciated thanks in advance. Here we go....
My wife and I are trying to sell our house currently and I have been looking around at a few house in our area and have come across one that looks promising. I have been back in forth with different scenarios that we could do in order to accomplish purchasing this house but I am sort of stuck.
When our current house sells we will walk away with hopefully 30k in profit.
The house that I am looking at is bank owned, on the market for 127k. I walked through it the other day and it is a complete gut rehab. I would conservatively estimate rehab costs of about 60-70k. The ARV for this house conservatively would be about 190k.
This house has been on the market for 100+ days, has been empty since 2011 and I am hoping to offer around 70k for the house. It is a 4 bd 2.5 bath.
My conundrum is how do I go about purchasing this house with a renovation tied in with no money down until my house sells. Aside from just waiting until my house sells in order to get traditional financing I wondered if there were any tricks of the trade out there that could help me.
Also the house is not in FHA livable standards so FHA/203k loan is out of the question.
Thank you very much to all input.