I recently bought a SFH in my town of Timmins, Ontario without using my own money. The house is a 3brm, 2 bath SFH with unfinished basement. I got it for 55,000 and I believe the ARV is about 120-130k. I got short term loans @ 10% from private investors to buy the house and I plan on fixing up the house and getting a private mortgage on it then paying back my investo
Congrats on your purchase. It's always great if you can pick up a property with 100% financing and still have positive cash-flow.
How much rehab does the house need? Who will finance the rehab? What's the maximum LTV your bank will lend? How long does it need to be seasoned before you can obtain a loan? How much can the property rent for?
Congrats Nathan! Keep us posted please.
The rehab will cost about 25k and I'll be looking for a private mortgage after the rehab. I cannot get a conventional loan anymore but I believe I can get 80% LTV. I believe it will rent for about 1100-1200 + utilities after the work is done. Will pay for the rehab from the proceeds from another project.
congrats! How does one go about getting 100% financing?
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