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Updated about 5 years ago on . Most recent reply

Daivis DeJesus's profile image
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Daivis DeJesus
  • from Madison
  • Member since Oct 17, 2019
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Daivis DeJesus's profile image
Daivis DeJesus's profile image
Daivis DeJesus
  • from Madison
  • Member since Oct 17, 2019
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Daivis DeJesus
  • Madison
6
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19
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Buying & Selling Real Estate

I need help...can’t figure out if I should buy this property..

Daivis DeJesus
  • Madison
Posted

Hi everyone! I need some help...I am a newbie and I am not sure if I should proceed with this purchase. I found a home 3 beds 1 bath, approximately 1000 sq.ft, rent in the area is 781 and purchase price is 63000. The market value is from 63-68. The numbers work: however, this property is move in ready, no repairs needed. My question is, when I refinance the property, how will I get what I put in if it only refinances for 70% ARV? Granted this property does not need any repairs.

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Caleb Heimsoth's profile image
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Caleb Heimsoth
  • Rental Property Investor
  • from Durham, NC
  • Member since Oct 1, 2016
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Caleb Heimsoth's profile image
Caleb Heimsoth's profile image
Caleb Heimsoth
  • Rental Property Investor
  • from Durham, NC
  • Member since Oct 1, 2016
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Caleb Heimsoth
  • Rental Property Investor
  • Durham, NC
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Caleb Heimsoth
  • Rental Property Investor
  • Durham, NC
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@Daivis DeJesus you won’t be able to refinance out your down payment because you’re paying retail

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