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Forums » Seeking Financing, Money, or Loans » Need to borrow 230,000 cash to close on 2 condos for 30 days

Need to borrow 230,000 cash to close on 2 condos for 30 days Subscribe to Need to borrow 230,000 cash to close on 2 condos for 30 days

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Tag Tags: hard-money-lending transactional-funding private-money-lending loan


Dee Xixi

Real Estate Investor · waltham, Massachusetts


Forum_avatar_avatar-deeapanou

Feb 19 '11, 09:38 AM

I am buying two FNMA condos from Williams and Williams to reconvert to a duplex. I already have a FHA buyer with a legit pre approval letter. The purchase price of 230k represents 70% market value for a duplex in Waltham MA. The turn around is 30 DAYS. The resell price wont exceed the 120% deed restriction from fannie mae. I have a tentative closing date for March 23rd.

Thanks


Don Konipol

Note Investor · Tempe, Arizona


Forum_avatar_avatar-dkonipol

Pro Basic

Feb 19 '11, 02:33 PM

Big question is how much of your own money are you investing?


Dee Xixi

Real Estate Investor · waltham, Massachusetts


Forum_avatar_avatar-deeapanou

Feb 20 '11, 12:21 AM

I am investing 10% of the purchase price which is 22,000.
Can you help Don?


Dee Xixi

Real Estate Investor · waltham, Massachusetts


Forum_avatar_avatar-deeapanou

Feb 20 '11, 02:02 PM

Any transactional funding lender on the BP?


Dee Xixi

Real Estate Investor · waltham, Massachusetts


Forum_avatar_avatar-deeapanou

Feb 27 '11, 12:37 PM

Any HML that will lend in Waltham, Massachussetts???


J Scott

Real Estate Investor · Atlanta, Georgia


Forum_avatar_avatar-jasonscott

Donor Pro

Feb 27 '11, 02:58 PM

How much are you planning to put into the rehab? What will the sale price be?

Remember two things:

1. The FNMA deed restriction is 20% over the SALE PRICE, regardless of the amount you spend on improvements (i.e., the improvements don't add to the amount you can sell for);

2. Ensure that your buyer's lender can close an FHA deal in less than 90 days. Many lender's can't do this, but it sounds like your strategy depends on it.

J Scott, Lish Properties, LLC
Telephone: 770-906-6358
Website: http://www.123flip.com
http://www.123flip.com


Dee Xixi

Real Estate Investor · waltham, Massachusetts


Forum_avatar_avatar-deeapanou

Feb 27 '11, 11:54 PM

Scott the condo is in good shape. it still have new appliances on it. The reason that it is not selling. The former owner had a crazy idea to convert a legit duplex in two condo units. Unless you control both side it will be a mess. My thought is controling both side at a good price and convert to a duplex and flip it for a profit of 6 k which wont affect by the deed restriction.


James Gibson

Private Money Lender · dallas, Texas


Forum_avatar_avatar-jgibson

Mar 03 '11, 10:37 AM

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