100% financing
Hello BP community,
I just wanted to run something buy you guys to see what you think about it. I have found a 3/2 that is somewhat in a flood zone( it flood back in 2009, as did half the state). It's owned by Freddie Mac and posted as $41k. Last week it was $48k. Everything on the inside looks good. The sheet rock has been replaced all the carpet pulled up. It needs about $3-4k to get it livable again.
Now my credit is not the best, plus if I use conventional lending I would have to get flood insurance. I was thinking about making a $20k offer and see what they said. I would ask $30k from the lender to cover closing, repairs, and 2-3 months of payments. Then I would put a tenant in there for about $800 a mOnth, which is medium rent for that area. Would a lender finance me 100% for about 5 years? And do you think it's a good buy and hold strategy? Some house on this block sold for $13k and a block away for $70-80k. I would greatly appreciate some feedback from the BP community. Thank you for your time.