Private Lender help & information

[Brittany Brown]

I'm looking to buy a foreclosed home that is currently not getting any offers & has been sitting on the market for 129 days. The only problem is, I need to figure out funds & private lending. The original listing price was 150k which was lowered to 145k then 139k, 134k and they just did a price drop to 114k. The house needs a lot of tlc but once remodeled will be well worth it. Where is a good place to find local private lenders? Or creative ways to go about this deal? I've never bought a foreclosed home, only owner financing. I have my own home and an apartment complex I currently own through owner financing... How would I get started with this deal?

[My Pham]

Brittany Brown I would recommend looking into a 203k loan, which is an FHA loan that allows you to purchase and finance your renovation cost into one loan. It will be more cost efficient than a private lender or hard money for what you're trying to do. You mentioned you have limited credit and FHA is much easier to get financed and have very low down payment of just 3.5%. Let me know if you need any recommendations. I hope that helps.