Updated over 4 years ago on . Most recent reply
Buyer Credit on HUD on Wholesale?
Hey BP!
I'm interested in delayed financing on a property. As I understand it, the HUD has to show the purchase price and any repairs. It's a wholesale assignment of contract. I want to ask the wholesaler if I can increase the purchase price, add repair cost to the HUD (same net to wholesaler), so that I can refinance that much later. Doable?
Will the lender ask for all receipts for the repairs? What if I plan to do a lot of the work myself?
The idea is that purchase + repairs < 75% ARV. So if I can get delayed financing for purchase + repairs I have less money in the deal. Working on this BRRRR. Thanks for your input!
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#1 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
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#1 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
- Lender
- Fort Worth, TX
@Annchen Knodt that blog is 100% correct...you have to list them as a cost that was paid for at or before closing. That's exactly where it goes if you paid it out of pocket in the beginning.