Updated almost 8 years ago on . Most recent reply
Buying an expensive property
Any ideas on how to finance a $500,000 purchase price and a $200,000 rehab budget?
Property is worth at least 1-1.1 million fixed up.
This lead came in from my direct mail campaign. I drove for dollars and found this property in a highly desirable location. The property has not seen a dime in about 20 years and the sellers just want to be done with it and move on. Unfortunately, they are not able to finance any of the purchase price for me since they will be needing the money from this sale to buy their next house.
What do you guys do when the purchase price is large?
I am thinking private money - but how much of an interest rate am I looking at paying when it comes to a "higher dollar/risk" project like this?