All Forum Posts by: Kate McDevitt

Hello!

I'm in a unique situation in that my uncle has "given" me his old house after he relocated to be closer to his siblings.  He asked me to fix it up and sell it, and then he'd let me keep the profit. My name is on the deed, but I don't have enough money to do what needs to be done.  It was built in 1900, updated in 1970 and never touched again. It's a 3 bed 2 bath on an acre flat plot.  

At appraisal it was worth $500K and it is in a neighborhood where homes that are on a third the size of the lot are going for $800K.

What's the best way to get a loan, about $150K, to rehab his house and get it ready to sell.