What would you have done?

[Katie P.]

So, just want some ideas on a recent situation with a motivated seller in South Bay Area...... 

SFR: 4/2 over 2067 sq. ft. with 10,000 sq. ft lot and pool

Illegally added 3rd bathroom and kitchen added to dining space 

Repairs needed: 

-New windows

-new paint interior and exterior

- has small kitchen (could knock down wall between living and kitchen or between kitchen and hot water heater closet in garage)

-complete rehab of two baths and kitchen

- pool supposedly worked but not confirmed (was empty) 

- new fence in back

- new hot water heater and furnace

- new garage door needed

- landscaping in big back yard

For US, the conservative estimate for repairs was $60,000 - $70,000. 

Amount owed: $826,000

ARV: $970,000 - 1 million

We would have used hard money (80% of acquisition price) at 10% interest + 2 points and private money (20% of acquisition price and no points).  

@Luke Mccandless