I noticed a paper on the door of a condo next to mine in Salt Lake City, Utah. They are having a courthouse trustee sale on it July 21 and i'm interested in it. I'm thinking it will go in the $60k-$100k range. I have about $8k I could put down but i'd like use that to fix it up.
I talked to a few banks / credit unions with no luck so I was wondering if anyone had some experience financing these or some creative ideas I could try (especially in Utah.) They need a $20k check by noon the next day and then the rest paid of quickly.
Thanks in advance for the advice.
Before deciding whether or not to purchase, have you analyzed the ARV? What is the intent of the investment? Is it to flip? Does the HOA allow rentals? Does the property cash flow after PITI, condo fees, management fee, cap ex, vacancy, special assessments? You would probably need to tell the lender what your intent is before securing a loan. Or look for a private lender, and or partner that is comfortable investing in condos. I have found financial partners here on BP and at local REIAs.
Do you have enough equity in your condo to refi and use the cash?
Looks like Brian is the man to talk to about this but, ironically, yesterday in our class with Matt Atkinson we went over 5 things to have before going to an action. I'm not sure if this will help you at all. But I took this from my note book.
- 1. Know the numbers on your house
- 2. Establish your MPP (Maximum Purchase Price)
- 3. Proof of Funds.
- 4. Four sources of money that can fund within 24 hours.
- 5. Know how to legally vacate a property.
Also, if you need HM send me a PM, my partner lends to investors here in UT.
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