All Forum Posts by: Donald Telfair

Thanks for your response. The house is listed at $114,900. I assume it maybe worth $130k. I am waiting on my realtor to send me the comps over. The property is not cosmetically distressed, actually from looking at the pictures on the listing it has been updated. Someone is actually renting the house right now. They are on there 2nd year in the house and lease will end May 2024. I will get a roofing company to look at the roof to make sure there is no damage. Roof may just be dirty. I don't think I can add much value. The only thing would be is to freshen up the paint outside and add update the post in front of house. I talked to my lender that told me they can do 75% LTV.

FYI this is my first time using a private lender/friend to do a deal. 

I have a friend that is willing to let me borrow a 100% of the investment property cost. We agreed upon 6% interest rate. I have to pay them back within a 12 to 18 months. This property will be a long term rental. The property cost a 114K and value of the house is about 130K. The house has a tenant with a lease in place. What are some options I have to pay them back? I know a cash out refi will be unlikely because of the value of the house. I am considering trying to get the house for 100K. Also the house will probably need a new roof.