Loan amount
Loan type
Refinance {Fix&Rent}
After Repair Value
38% {ARV}
Property type
Multi-Family 1-4 Units
Borrower Details
Credit score
Deal experience
6 deals
This loan scenario was submitted by a Broker
Property Details
Loan Details
Current mortgage balance
Cost of improvements
Estimated property value after repairs
Additional Loan Information
I purchased this house during a tax deed sale for $23,500. The house is owned outright, and there is nothing owed on the house. I am seeking money to fund a fix and rent. My credit is currently challenged due to investors backing out of an agreement to assist with rehabbing multiple properties with me. I have four other properties that were purchased during a tax deed sale. I have maintained this and the other properties for over a year. They never came through with their funds, and I used the money that I had for rehabbing for living expenses while waiting for their contributions. So, here I am a year later, after exhausting my funds. I am also a mental health business owner. I am rebuilding that business, which was temporarily shuttered during the pandemic. The fix and flips were supposed to be an additional source of income. This particular house will be rented to 2 families, and available as section 8 rentals for $1394 for each unit, for a total income of $2788.
November 24, 2023 - 11:49am

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