All Forum Posts by: Corey Johnson

I'm interested. Can you message me some details; type of properties, price range, etc. 

Thanks for the advice everyone.  Couldn't end up getting the price down to where I wanted it.  

@Account Closed What would that look like?  Don't know much about financing other than traditional mortgage.

And would asking form owner financing reduce ability to get it at less than what seller is asking?

I have a house in major disrepair that I want to Fix-Up.

Asking price is $80K and I'm looking to get it for around $60K.

Its was built in 1895 and has city water and a septic system.

The heat was supplied by Gas stoves/heaters, but is run off a Propane tank which the owners have removed.

The structure seems good to me, but the Mortgager lender I talked with said it would have to appraise and there cannot be any structural damage or safety concerns.  And the appraisal coming back "subject to repairs" would not allow the loan to close until the repairs were completed.  The house has been vacant for 5 years. The owner is likely not going to spend money on repairs and installing a propane tank and heaters (a permanent heat source is required) so that I can get a mortgage.

Also, the lender wants the sale price to be at least $70K so that after my 20% down payment, the loan is big enough.

I'm not planning on renovating and selling quickly.  I will do reno myself over time (I'm a contractor), and move in when done. And then turn my current home (which I own) into a rental property.

Does anyone know of a kind of lender that deals with these types of properties. Or is there a special kind of mortgage product that is designed for houses without heat sources.

 The loan would only be for $40K - $60K.

I don't know about foreclosures, but I do know "wall street investor types" are buying up large quantities of houses in Nashville area and renting them out. 

Welcome to BP and welcome back to Nashville. 

Welcome @Mark Douglas,

Have you thought about getting a duplex and living in one side while renting the other?

Welcome @Marcos Flores.

Quick Tip for painters.  Quit smoking, get a blue-tooth headset, forget the pan and roller and go buy a descent airless sprayer.  And then bust it out.

You'd  be done with the house before this guy got his paint tray tied to his leg.  lol.

Thanks @Dev Horn, that is very  helpful.

And thanks to everyone for their input. I really appreciate it.