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Updated about 2 years ago on . Most recent reply

User Stats

32
Posts
17
Votes
Chad Clark
  • Investor
  • Mancelona, MI
17
Votes |
32
Posts

How to obtain loan for land contract with no comparables.

Chad Clark
  • Investor
  • Mancelona, MI
Posted

I got a land contract during the COVID problem and the sales dried up making it so there's no compareables for an appraisal.   Of course, this in turn made it impossible to obtain a loan.   I wanted originally to use the property's income to be used via comparable rent schedule so my loan choices are limited.   I bought it as a giant fixer upper and have almost finished it, but now it's time to go get the loan, I can't do it due to the appraisal process being the stopper.   Any ideas?  I really don't want to walk away from it.    Especially when the profit margin is so high.     I'm considering selling another property to cover it, but I'll be hit hard with capitol gains since it will sell for almost exactly what I need.   Ugh....

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