Buying a home/investment property that banks won’t touch
Hey, I’m a long time lurker of bp and the information found on here is simply amazing. At the moment my wife and I are looking to purchase our first home (a fixer upper) in a nice neighborhood but the home has foundation issues such as leaning walls, cracked bricks, etc. I’m a masonry contractor and specialize in brick and foundation repairs so the repairs aren’t an issue at all it’s just that no bank wants to finance a home needing those kind of repairs. So that’s the background and my question is how does a young person with not much credit history get a loan for something like that?
Also I have 10k for a down payment, the house is only 50k and comparable homes in the neighborhood that are in decent shape but need an update are selling for 100-140k so it would be a great investment but I’m looking forward to hearing some insight from people with experience in this sort of thing. Thanks!