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Scott,

well, lets see. The Broker for sure knew about the 100k to cure the place. The lender was Wilmington finance. I am not sure if they were made aware of this. I should have closed with cash out to fix the place but the broker guy said that I would be better off closing this loan and refinancing to get the rest of the money. In hindsight i realize this was probably a mistake to trust this guy. I think he just wanted two closings to make money off of. Anyhow, that is irrelevant now and I am learning the hard way about some of these techniques.

DTI and trade line are a problem. I have over 5 on the report now, but only 2 of them are for more than a year. One is for 10yrs and the other is for 3, the rest are less than a year.

Thanks
Lewis

Hi,

I have a property that needs some major work done to it. No structural stuff, but its a pretty big job. I am new to this business and I bought the house trusting my broker at the time (who has since disappeared) He told me there would be no problem getting the rehab money out. Well, there was.(He was basically invisible once the deal for the house was done)

Anyhow, here is the deal. I bought it for 636, houses in the area are selling for around 850 and it is about 100 to fix the place. Once its fixed i planned on moving in and renting out the other units. Sounded great at the time, but now its months later and I still have not been able to get a loan/refi to fix the place. I have gone to about four or five other people and each time it does not pan out. Like i said, i am new to this and I am young, so i dont have much credit, but its a good score right below 700. That has been a factor in why I have been turned down.

So, what do I do? Hard money? find better lenders? constructino loan? bite the bullet? what? I have this great place that I cant live in until its fixed, but i cant seem to get the money. Anyone, please give me some suggestions. I am getting killed here!!!

thanks