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2
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0
Votes
Olga Buchonina
0
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2
Posts

I need some loans for rehab/remodel and bring up to code

Olga Buchonina
Posted

I am new to this forum. I would like to find someone who can help me to find a loan/investor to do rehab/loan/inverstor on two houses I own in Detroit. Where should I start. 

User Stats

2,885
Posts
2,323
Votes
Caroline Gerardo
  • Lender
  • Laguna Niguel, CA
2,323
Votes |
2,885
Posts
Caroline Gerardo
  • Lender
  • Laguna Niguel, CA
Replied

Value of each home as is; what work needs to be done to bring to code and to make it more rentable; cost of the rehab; time frame to finish; have you done this before; do you have a contractor; what supplies you need and how long will that take; do you plan to rent or flip them; completed value; your FICO; own them and want a refinance it is in your name?...

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2
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0
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Olga Buchonina
0
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2
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Olga Buchonina
Replied

Value if fully flipped is about 75K. Most of repairs will be about 25K per house. I do have a contractor and I have done my own houses before, time to finish - ASAP. Most likely it will take 3 months - 6 months depending on weather in Detroit ( winter time). I plan to rent it out, flip is also possible. FICO I will not disclose on forum. I own both, no need to refinance.

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739
Posts
410
Votes
Andrew Garcia
  • Lender
  • Charlotte, NC
410
Votes |
739
Posts
Andrew Garcia
  • Lender
  • Charlotte, NC
Replied

Hi @Olga Buchonina, more information would be needed but thank you for providing a few more pieces of information. I can refer you to a lender that can help if you would like.

Feel free to reach out and I will get you connected.

User Stats

7,859
Posts
4,409
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Drew Sygit
Property Manager
Agent
#2 Managing Your Property Contributor
  • Property Manager
  • Royal Oak, MI
4,409
Votes |
7,859
Posts
Drew Sygit
Property Manager
Agent
#2 Managing Your Property Contributor
  • Property Manager
  • Royal Oak, MI
Replied

how much and are they in the City of Detroit?