All Forum Posts by: Jim M.

Leave them out. Saves you a few bucks until the sale. Let the buyers pick their own fridge out as there are so many styles. You might get lucky and they don't ask for money towards that as well.

So the home price is about 185k? Rough numbers for hard money would be like 4 PTS and 12 percent. So, call it 10k up front, then about a 2k monthly payment so over 6 months about 22k or so. You're left with 13k on your heloc and then you have credit cards for the rest.

Friends, family, small line of credit from the bank. what about financing the flip through private lender or hard money and then using the heloc for the rehab?

Just amazing.

An idea would be to to rehab a property and hold two years for tax free income. Lots of risk though as you may not know market conditions at that time. If you could be all in at 200k and have a home valued in the high 200's you have a good amount of equity and can use that profit in a couple years to pay down her loans or buy some rentals whose cash flow can pay down that debt. Only do this if you're confident in rehabbing a property though.

160k

I think you're being a little too risky. What happens if the government finds out she misrepresented her assets and attempts a clawback? Meaning you may have to give back the property and the lady probably wouldn't return the money to you cause she's need it to pay back all her fraudulently obtained govt assistance.

Well, you may want to look into a 2-4 unit type place to get the lower interest rates. That way you have your tenants paying your mortgage each month. You will have your normal rent check to throw at your student loan debt each month. Just one of many ideas.

Just make it clean. Close in ten days or less with no contingencies and show proof of funds. You're not the first or the last person to come in low.

Have an electrician put a temp service pole out back. It'll have a meter from the electric company.