Should I Have Done This Differently?

[Sarah Smith]

My grandmother passed away last June. I had from childhood told her I’d buy her house from family one day. Well as a kid I had No idea about the real world yet🤣🤣 but my family is one who is really against family selling homes for the almighty dollar in areas being gentrified. Don’t get me wrong, I’m some cases some areas benefit from gentrification while it hurts areas and my granny’s area is the only one in her city untouched currently so on her deathbed I again promised her I’d get the home. It’s in bad shape because she moved out over 11 yrs ago to live with my mother and other family left it unattended and well we know how it goes w vacant homes so that’s that. Family before her death has offers from builders of $300K and up so I honestly was expecting family to accept an offer but it was offered to me first and my price due to being family is $127,500. I went for a hard money loan which is due to close soon and plan is to get refinanced after repairs. I’m thinking it was a smart choice so I can get to closing and repairs soon.

I’m wanting opinions as if I should have went straight to getting a mortgage or not vs hard money. I was assuming no one will lend on a home needing alot of repairs so that was my train of thinking. I am assuming getting a lender to refinance won’t be difficult, is that correct? Right now as is value is about $270K. The home is sitting on enough land to either expand the home greatly or add a duplex or another small home in the future.

Just seeing if I made the right choice. Thanks in advance for any feedback.

Oh cost of rehab will be $50K.