Buying 35,000 in equity!!?
My first deal and there is so much to still learn! I am currently working a deal with two 9,000 sqf commercial lots with one 3500 sqf building on one.
The owners owe 10,000 in bad taxes witch I would pay when it's under my name plus 3,000 to the owner as well as covering all fees.
I would need a total of 15,000 to buy the property witch the county assessed at 35,000. My RE broker suspect it will appraise at a minimum 50,000 as is how ever she will be doing a BPO to get a better idea of what we are working with.
Can I buy this property with hard money and immediately refinance to pay back the loan and start construction?
Thanks in advance for your help!