Updated about 5 years ago on . Most recent reply
first time buying a house
hello all the BP members. Would you guys pls give me a suggestion of what I would do in this situation? This is my first time investing. here is a deal. i offered a fixer upper house at portland or and got accepted for 285K with a conventional loan, 20% down. After the inspection, the property needed 20k just to make it liveable( foundation, sewer , illegal staircase, illegal updated electrical),not even cosmetic. The lender suggested that I put down 20% as a conventional loan to avoid mortgage insurance. After the first loan closed, she suggested I get the second loan( equity loan ) to budget for the rehabbing. one more thing is the house built in 1900, on a busy street and facing the cross street. pls help me ?