Vancouver, WA · Member since 2016 · 36 posts · 3 votes
Im finding mixed reviews online about this question. I'm a 1st investor that will be financing my 1st flip. I've encountered a handful of deals, but they were cash only.
Are there houses listed as cash only that I could buy with a rehab loan?
You can always have your agent ask the seller's agent if they will entertain HML and/or rehab loans. Worst thing they can say to you is no. Best case, they will entertain your offer.
You can always have your agent ask the seller's agent if they will entertain HML and/or rehab loans. Worst thing they can say to you is no. Best case, they will entertain your offer.
Im finding mixed reviews online about this question. I'm a 1st investor that will be financing my 1st flip. I've encountered a handful of deals, but they were cash only.
Are there houses listed as cash only that I could buy with a rehab loan?
Most of the "cash only" deals are indeed cash only due to the condition of the property. Most of those homes are not livable and therefore not insurable. Banks will not accept the property as collateral if it's not livable as you can't get insurance if the house is empty. Banks want the collateral protected.. In some instances, you MAY be able to get financing IF the home is livable AND there is a existing tenant in the property. I personally have not found a way to finance a property that is empty and not livable. There are of course many other ways to come up with cash..
HELOC on your primary residence or a REFI with cash out..Take out a loan on a rental property that you may own.... Ask for a personal line of credit at your Bank or Credit Union (I do have a line of credit with my credit union). Pull out a loan on a car or cars that you own free and clear etc. etc..
If you buy it as primary residence, there are much more options but as investment home, the options are very limited..
Rowlett, TX · Member since 2016 · 9 posts · 6 votes
9y
Not sure if you can still do this or not, but several years ago I purchased a couple properties that needed repairs (Roof/Foundation/Carpet/Paint/Appliances). It was a 80% LTV and it allowed the repair money to be put in an escrow account. Once all the repairs were done, the appraiser came back out to verify and sign off on the ARV appraisal. Any lenders out there to verify?
Olivier Mader I am buying as a primary residence and qualified for a 203k loan for way more then I'll need
In this case, it all depends on the seller and if you are able to get insurance on the property. Many fixer uppers are not insurable.. Sellers may insist on a cash buyer as they can close faster and no issues with financing..