Advice on mansion rehab and sell
Hey all,
First off, I recently relocated to a different city for a job. I was browsing homes for sale by owner and found a 7br-6ba 7,000 sqft. and 10 acres and this house is very cool. Just some of the features include...
7+ Bedrooms, 4 Full and 2 half baths
Huge master suite with a second bedroom suite on the other end of home
Large indoor pool with 1,000 sqft green house
Huge kitchen with large fireplace
2 story Great Room with huge fireplace
Library with fireplace, dining room, office, huge laundry room on 1st floor
Basement with fireplace
Separate 4 car garage with covered walkway to main home with caretakers quarters above
Storage Building
The property estate is divided into 2 parts. The house with 12 acres and 100 acres plus a 10 acre lake that the house sets on. I talked to the seller and he lives a in a different state and can't take care of it anymore so just wants out from under it because he can't get down here enough. He told me he would sell the house and 10 acres for $150k and the lake and 110 acres seperatley for $199k and it's prime hunting, fishing and hiking land. The house needs roughly $100k worth of work but the ARV is $750k and with the land if I were to buy the package is $1.4.
My question is since it does need work (nothing too extensive) but since the guy has not taken care of it or even been there, it needs new doors, windows and there is a lot of marble throughout the house and some spots need repairs. Should I go to my bank and try and get a loan and would they include rehab costs? I want to live there and do most of the work myself considering my construction background and possibly sell it in a year. Should I do hard money or private investor? Should I partner up??
I have also found a guy in California that will buy the property and land for $1.7 if I were to fix it up so basically I need advice on the funding strategy I should take.