Getting a loan on a foreclosure that needs a lot of work
So a property went up for sale in a really hot area as a foreclosure. Someone recently bought it at a Sheriff’s sale, but paid way too much for it. They got in over their head and lost it. It’s two apartment complexes with 4 units each. They want 140,000 per complex, but they need completely renovated. There is mold in a couple and they gutted a couple. In this area with the amount of work they should be priced at 60 each. If I did everything myself I’m looking at around 100,000 in renovating costs for all 8 apartments. Let’s say they except an offer may 120,000 for both. Is there a way to get a 220,000 loan so I can have renovation money?