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Updated almost 9 years ago on . Most recent reply

Chanel W.'s profile image
Chanel W.'s profile image
Chanel W.
  • Realtor
  • from Bear, DE
  • Member since Mar 12, 2016
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Chanel W.'s profile image
Chanel W.'s profile image
Chanel W.
  • Realtor
  • from Bear, DE
  • Member since Mar 12, 2016
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Chanel W.
  • Realtor
  • Bear, DE
6
Votes |
36
Posts
General Real Estate Investing

50k Convetional loan

Chanel W.
  • Realtor
  • Bear, DE
Posted

I have aconventional loanfor 50k is it possible to buy and rehab a property on that budget in Delaware? And where do you find the properties? are there any certain properties I should be looking at such as probate, distressed? Any Answers?

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Eric Armstrong's profile image
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Eric Armstrong
  • Investor
  • from Wilmington, Delaware
  • Member since Jul 17, 2013
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Eric Armstrong's profile image
Eric Armstrong's profile image
Eric Armstrong
  • Investor
  • from Wilmington, Delaware
  • Member since Jul 17, 2013
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Eric Armstrong
  • Investor
  • Wilmington, DE
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388
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Eric Armstrong
  • Investor
  • Wilmington, DE
Replied

You won't be able to use that money for the rehab, you will only be able to use for the purchase of the property. You will need other funds to rehab. You would need to obtain a rehab loan. If you buy a house for 50k or under, you will mostly likely be in a rental area so you would be looking to sell to an investor. 

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