All Forum Posts by: Arlene Summers

@Dennis!  I am considering asking the owner if she'll hold a contract for up to 2 years.  IF not I will provide her a more experienced investor who can make the flip. 

Thank you Kathy!  The property is in Jacksonville, FL.  Although there are other areas that would be a better deal, I'm interested in it because it's the perfect location for me and my family (the neighborhood are mostly decades worth of home owners).  Long story short, the owner didn't know that she gave the wholesaler permission to list the property and the wholesaler listed it for $42,500 above their contract "as is."  The personal investors who I know gave me an estimate of $45k conservatively to $65K worst case with a laundry list of scenarios.  

The only other consideration that I can think of (building a relationship with the owner) is to see if the owner can finance me for up to 2 years max with a contract so that I can get the equity to rehab and move in, or as you stated provide it to an investor who will make a nice flip.  With her bad experience with the wholesaler, it will give the owner the opportunity to make a comfortable choice.  Unfortunately, I am not sure how a camper can accommodate a mom and 3 high metabolism boys; but I love the idea of a camper, too!  

Hi!  I'm a newbie who found a home where I developed a relationship with the home owner.  The home needs extensive rehab and the comps in the area have excellent returns even after rehab.  However, my challenge that keeps taking me to a dead end is the solutions to try to acquire the home without personal finances (I'm starting over):

1.  private investor-  can't rehab a home that will be owner occupied.

2. FHA 203k rehab loan - capital?

3. Family -  N/A

Someone shared that there is a way that I can make a short-term loan with someone to fix the home just enough to make it appear habitable to get an equity loan and use that money to repay the person/remodel, then use the equity loan as my mortgage.  I plan on staying in the home for about 3 years until my son graduates and then sell the home. 

Serious suggestions that I can work towards will be greatly appreciated! =) . I know that I will fall.  I hit my ceiling.  I am ready to try another solutions. =)

The owner is willing to sell me the home for $90k with verified realtor comps going for $187k-$207K.  See images below.