Hi Everyone, I am interested in purchasing an investment property for under $20,000 that clearly needs major renovations. 

I have some questions about qualifying for another mortgage when I have outstanding mortgages on investment properties.So here's the scenario:I am purchasing a Quadplex on 6/28/2024 and it's new construction.

If that number is greater than the purchase price of the house, then I would consider buying the property after looking at other factors (location, condition, neighborhood, zoning, etc).In other words, 6 straight months of rent should pay for the house. 

Purchase price: $268,750 Cash invested: $60,000 Sale price: $430,000 Contributors: Peter Vekselman Partner Driven, in collaboration with MH Property Solutions, successfully completed a fix-and-flip on N Deerview Dr, Lake Villa, IL 60046.

Purchase price: $268,750 Cash invested: $60,000 Sale price: $430,000 Contributors: Peter Vekselman Partner Driven, in collaboration with MH Property Solutions, successfully completed a fix-and-flip on N Deerview Dr, Lake Villa, IL 60046.

Purchase price: $268,750 Cash invested: $60,000 Sale price: $430,000 Contributors: Peter Vekselman Partner Driven, in collaboration with MH Property Solutions, successfully completed a fix-and-flip on N Deerview Dr, Lake Villa, IL 60046.

You aren't losing anything by doing so and may very well find a qualified buyer that does not have access to wholesale or off market lists that is willing to purchase the property all cash

Purchase price: $51,000 After repair value $140,000.

(I heard that 1% - 2% of the purchase price is ideal).Where does the earnest money go, when all is said and done?

Purchase price: $290,000 Cash invested: $85,000Bought this 6 unit condo set utilizing a seller finance structure at 0%.