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Creative Real Estate Financing

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Joe Swanson
  • Investor
  • Leander, TX
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Financing for a BRRRR through a bank

Joe Swanson
  • Investor
  • Leander, TX
Posted Nov 29 2016, 18:47

I am looking to purchase an investment property for 40k. I have a contractor who checked out the site today, he gave me a rough estimate of needing 15-18k in rehab costs,to include new appliances and HVAC. It's listed as a 3-1 SF, but has 2 (non-listed) rooms upstairs and a poorly done second bathroom. ARV would be around 105k, Back to the issue.

I wanted to use traditional financing through a bank, I am new to this and don't know any hard or private money lenders. A bank seems straightforward and easy enough.  I was wondering if a bank would give me a loan to include the rehab costs, if I was pre-approved for a higher amount than the 58k estimated for purchase and rehab?

Joe S

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