Updated over 17 years ago on . Most recent reply
Need loan for Texas Rehab (Awesome Deal)
75k purchase price
20k rehab costs
155k after rehab value
this is a 3/2/2 in one of the best neighborhoods in town. Great schools, minutes from hospital and medical district. Very desirable location.
I am looking for my best option. I would like to fix and lease the home but would not mind flipping it either because I know it will sell quickly. I am a Realtor and specialize in this area. I have pulled 5 comps that sold in the last 6 months and all sold in 60 days or less. I am considering a conventional loan since the property qualifies for FHA 203K but would also be willing to use hard money and refi or sale.
The home is in a bid period for another week. They are asking 75k and if no acceptable offer is received the bidding will continue on a daily basis. My calculations are based on a full price bid and acceptance of that bid.
Experience: Project Manager for family owned home building company / Licensed Realtor..