Updated almost 8 years ago on . Most recent reply
Need rehab loan for free and clear property
I have a property given to me by my father. Its free and clear but has been condemned by the city. It's estimated to be worth 35k "as is". The property is in an area that is being heavily revitalized and very popular. It would be worth 150-160k ARV possibly more. Needs about 50k in repairs. I don't have much cash of my own and will need a HML to fund the rehab. Are funds given to you up front or as the work is completed And how much money down if any is usually required?
What kind of questions should I ask contractors?