Northern Virginia/DC Metro Rookie Looking For Some Guidance
Good Morning Everyone,
I think I've found a deal or two and I'm going to look at some properties tomorrow. My head is already spinning with the details that need to get lined up so I'm wondering if there is anyone local who would be willing to help me get the process straightened out. I've found a rehab project down in Alexandria for 275,000 and two other properties that range from 339,900 to 350,000. The rehab listing is asking for cash or rehab loan only so I was thinking of approaching a hard money lender to get the rehab done. The seller's agent estimated between $30k-$50k for the rehab. Would I then be able to use an FHA loan to do a cash out refinance after the forced appreciation, assuming I move into it of course? I estimate that after a renovation the value will be similar to the $339,900 because they are the same style of house on the same block. The most recent tax appraisal of this property was over $300k, which doesn't seem to take the need for a rehab into account. I've been running the calculators and I'm having some trouble estimating costs. I'm also considering just trying to flip the property. Any suggestions or guidance would be greatly appreciated in this.