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Updated over 8 years ago on . Most recent reply
Property on Rural Land
Hello BP compadres!! I have a dillema on my hands. I have found a property selling for $61,000 in southern Georgia, and it needs around $40,000 in renovations. I have ran the comps, and the home has the potential to sell for $160,000. With a $40k spread, I am still unable to get a hard money lender due to the land being zoned for rural use. The bulk of the land in that area is zoned for rural use in this particular small town.
The question I have for the BP community is how do I go about getting a lender for this property? My business partner is my contractor that I have personally known for +20 years; so my renovations costs will not be as high. I look forward to each and every response. Do not hesitate to be brutally honest. Have a great day everyone!!
Most Popular Reply
@Jay Hinrichs, you're right about HML not doing owner occupied loans. If I were @Christopher Riley West, I would take the HML and start renovations ASAP and then start talking to banks to get the ball rolling on a refinance. If he is planning on occuping the property, then it's almost impossible to fail seeing that he will have to pay to have a roof over his head regardless.