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Updated almost 17 years ago on . Most recent reply

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Mohammad Ali
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14
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How would I do this deal

Mohammad Ali
Posted

Property is bank owned...Bank wants 660K. Property is worth 1.1m. Property requires 25K worth of cosmetic repairs...carpeting, painting, etc.

I want to purchase the property w/ no money out of pocket or minimum money out of pocket. I want to either receive cash back at closing or open a home equity line at closing. What would be the highest amount that I could pull out of the house?

I would repair the property with the cash and make payments while i hold the property for 2-4months and put it for sale for 1.1m and hopefully sell within 4 months. The rest of the money I would invest in other real estate. Can this work? Credit score 685.

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