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Updated over 16 years ago on . Most recent reply

User Stats

26
Posts
2
Votes
Jason Cano
  • Contractor
  • Harlingen, TX
2
Votes |
26
Posts

Need loan for Texas Rehab (Awesome Deal)

Jason Cano
  • Contractor
  • Harlingen, TX
Posted

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..

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