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

Olga Buchonina
Posted Dec 21 2022, 13:54

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. 

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Caroline Gerardo
  • Lender
  • Laguna Niguel, CA
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Caroline Gerardo
  • Lender
  • Laguna Niguel, CA
Replied Dec 21 2022, 13:59

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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Olga Buchonina
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Olga Buchonina
Replied Dec 21 2022, 14:04

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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Andrew Garcia
  • Lender
  • Charlotte, NC
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Andrew Garcia
  • Lender
  • Charlotte, NC
Replied Dec 21 2022, 14:10

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.

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Drew Sygit#2 Managing Your Property Contributor
  • Property Manager
  • Royal Oak, MI
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Drew Sygit#2 Managing Your Property Contributor
  • Property Manager
  • Royal Oak, MI
Replied Dec 26 2022, 17:54

how much and are they in the City of Detroit?