Homepath foreclosure Baton Rouge LA

2 Replies

I just recently finished my own home remodel. Iam looking for my next project. I found a 2 bed 3 bath 1790 sqft 1955 pier foundation. list price is 125k it's been on the market for 155 days with continuous price decreases. its a Fannie mae Home path foreclosure. I was interested in possibly putting a offer in for 75k-85k getting a homepath mortgage only putting down 5% on a 200k mortgage. Rolling the renovation budget into the mortgage. 10k down 1100 ish a month probably take 6-8 moths full renovation to complete. comps on the same street with an extra bedroom updated 255k-280k. comps with 2 extra bedrooms are 300k-325k. Good reasons this area will see major appreciation. Is a budget of 115k-125k enough to do a major top to bottom remodel? even though that might include having alot of plumbing and electrical. Maybe even other issues before I even get to an addition. I have not physically inspected property yet. Homepath are sold as is. I would've be afraid. of anything structural, electrical, plumbing whatever I could get it done. Just need advice on. how to buy it right.

Homepath mtg.s no longer exist. You could do a fha 203k if you want to occupy, or do a Homestyle mtg. Too much to speculate about until you see it.

@Shawn Adair just make sure you have the right contractor who is capable and can spot the problems for you.  $115k should definitely be enough to do a full rehab on a 1790 sf house.  Get several quotes/bids.

Create Lasting Wealth Through Real Estate

Join the millions of people achieving financial freedom through the power of real estate investing

Start here