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Updated almost 2 years ago,
Buy Rehab Hold. Where are the legit lenders? House is in Warren OH
Most of my posts are pretty much the same. Ive been in contact with a few lenders, but i haven't seen any having done deals in their bios. Ive also seen a bunch of those accounts get deleted so, Im wondering if they were even legit or not. My present situation
I have a house listed at 47K that I want to buy in Warren OH. Estimated costs of rehab (my contractor is working on an estimate) which looks to be around 20 to 25k. Comps in the area range from 90k to 125k. Thats what the listing agent told my realtor. I'm looking for a lender that can take care 100% of the rehab and 90% of the purchase price. I need to know details of the loan as far as interest rate, length of loan all fees that go along with the loan and if there is a grace period from the time the house is purchased to the start of the re payment. Also need a loan with no penalty for paying early.
I also will need to refinance the house once everything is complete. I've been told and read i should go to a local bank in OH to get that done. I live in FL and there is no way I'll be heading to OH to get that done. I also need to know how to set everything up. Do you speak to my realtor or do I send you everything? How do i close on the property and get the money from you to the seller etc.
I bought 3 properties already, but through conventional loans. There’s not that much capital left.
Any lenders that can make this happen? Please help!