Loan amount
$385,000
Loan type
Purchase
{Fix&Rent}
After Repair Value
$490,000
{PP:$345,000}
ARV
79%
{ARV}
Property type
Single Family
Borrower Details
Credit score
550
Deal experience
None
This loan scenario was submitted by a Broker
No
Property Details
City
Concord
State
New Hampshire
Loan Details
Purchase price
$345,000
Down payment
$0
Cost of improvements
$40,000
Estimated property value after repairs
$490,000
Additional Loan Information
I have a contract to purchase a house in a desirable neighborhood in Concord NH for 345k. A real estate agent has provided a bpo of 454k for the property. This is a private sale. The owner doesn't want to deal with real estate agents. I would like to fix it up and use it for rental income. My exit strategy is refinancing or sale. My credit is not very good. I have assets (a primary residence with 200k in equity and a trust fund I can't use until 2026), but little liquidity. I have no recent experience in fixing and flipping/holding, but I did fix and flip two houses back in 2003 and 2005 to give me the money to put down on my primary residence. I realize this might be a challenge but I think this is a great deal. There are currently month-to-month tenants in the property. They would like to stay. They are paying $2500 a month but are willing to pay more to stay. I also have a list of people who would like to rent the property as well. I do have a good income and little debt. Thank you.
Status
Closed
Created
August 30, 2024 - 5:16pm
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