I’m a beginner investor in RE and would like to become my own boss in the near future. I would love all criticism and thoughts!
I believe I have a great investment opportunity with a family member. They are trying to downsize to a 2 bedroom townhome and would like to sell their house.
The house is estimated @$212k says (usrealtyrecords.com) not sure if this is an estimate of the house with repairs or as is?
Anywho, they owe 98k on the home and it appraised for @174.5k in April 2019. I am thinking about offering them $117k for the home (what they paid for it). so they would have $19k to give them a good start for a down payment on a townhome/payoff some debt.
I would definitely fix the house up some and make it *up-to-date* add appliances/add fence and other things, but the house is in good shape, it was built in 1999! So, let’s say $20k for repairs. I would be wanting to get a loan for $145k to buy the house and also fix the home up some.
I would be a first time homeowner and I know they have some great deals for first time homeowners so I am looking for some guidance!
Ultimately, I would want to get a loan for the cost of the home also include the repair costs in that loan ($117k) + ($20k) = $137k.
Could anyone give me some advice about this? Are there any loans that include repair costs to the home as well?
Thanks for reading!!!
I have been reading up on the Fannie Mae Homestyle Loan, this one looks promising.
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