All Forum Posts by: Preston Hadley

I bought a home for $2,000.00

The property is distressed and needs approximately $20-25,000 for rehab. I’ll be rehabbing the property myself.

My main focus of this post is to explore

financing options for the rehab. My credit isn’t the worst or the best.

What are some of your ideas on creative financing?

@Aaron K.

ARV is $65K

No back taxes. He just can not afford them.

I’ll have $25K in repairs.

My big hurdle is getting the $25K for the repairs.

@Aaron K.

It’s $2K from a family member who can’t afford to keep up the taxes.

Again it’s currently assessed at $21K.

The property will need likely $20-25K.

Indiana, it’s close to habitable, and it’s a 3 bedroom home.

Hello Bigger Pockets,

I’m glad to join such a huge community of like-minded people.

My name is Preston. I own an engineering company and I’m new to real estate. I’ve been learning from my real estate friends for years and my interest has peaked and I’m ready to get started.

I’ve got an opportunity to purchase a property that’s distressed for $2K. The property was recently assessed at $21K.

Since I’ve Rehabbed other properties with my friends. I’m confident I’ll have the rehab handled.

The issue is financing the rehab. I’ve been told by a few loan officers that if purchased for $2K, I wouldn’t be able to get a Home Equity Loan.

I wonder what others have done before on super cheap properties and what advice you might have or alternative options on financing the rehab.

I do plan to rent the property. Although a flip may be a possibility.