I have a found a fixer and need help 🙏

[Anna Piruzyan]

Good evening and happy mother's day to all mommies!

i have found a fixer that is in the market for about 2 months, has about 10k lot, possibilitie to convert the garage into a guesthouse. The house is 1400 3/2 and looks good. So besides the garage to be converted into a guest house the lot is so big that anothe house can be built on it. Or even an apartment building can be built.

please tell me what you think and guide me. I am thinking of a wholesale and i do not know where to start ..

thank you

[Jason Wray]

Anna,

If you can buy it as a Primary or a Vacation/Secondary home you will have better terms and conditons on any "Renovation Loan".  Investment home renovations are feasible but the rate and terms may not be as attractive from a bank/lender stand point.  You can also finance it if its not going to be "Subject to" multiple issues that exceed a simple cost to cure that can be held in an escrow hold back.  Then simply do a cash out refinance after the 6 month mark if there is equity and build the Carriage house/Guest house.