anyone know of under $50k rehab loan in NC, i own outright!! ??
i need a to rehab my buy and hold in washington nc ASAP. its a sitting duck and i have been told the starting loan amounts for rehab or hard money will be $75k???
i own the property outright and have the deed in hand. i bought the property cash and have immaculate credit with fairly high utilization. 640-650 FICO.
kicker is that i own the vacant lot right next to it as well !!
Should i be trying to get a loan large enough to build as well to meet the criteria of the minimum loan amounts?
not sure where i would begin.
property details :
323 van norden st washington nc 27889
- Beds: 2
- House size: 989 sq ft
- Stories: 1
- Lot size: 3049
- Heating: Forced Air
- Cooling: Central
- Year built: 1900
- Year renovated: 1960
- Property type: Single family
Lot Details :
327 Van Norden St. washington nc 27889
3290 sq ft lot
my contractor quoted $22k rehab, adding extra bathroom, roof, kitchen, electrical and cosmetic. His figures are that it will sell for $65k after rehab, and im getting ARV's of $45,000-$60,000 myself. Just need Rehab loan of About $22k, then want to refi out and put on a $40k - 30yr - Renting at $600-$700/mo.
Am i missing something here?
Havenit had the time to get back in town to oversee the rehab yet i feel like im stuck for no reason.
also in regards to the $40k refi or HELOC , (old school north carolina, doesnt seem to like the fact that it will be a rental. they want ,me to live in it to get a mortgage or HELOC on it,