All Forum Posts by: Jacob Bjerk
Jacob Bjerk has started 1 posts and replied 2 times.
Post: Finance First Deal- Verbal Contract in place
- Flipper/Rehabber
- Lombard, IL
- Posts 2
- Votes 0
A co-signee could be a good option. We are waiting on confirmation, but we are pretty sure we can get financing for the mortgage only. Possibly, then we can get someone to co-sign a HELOC (on our primary residence) for the rehab cost. We may need drive-by only appraisal since we still have unfinished renovation in our home?
Post: Finance First Deal- Verbal Contract in place
- Flipper/Rehabber
- Lombard, IL
- Posts 2
- Votes 0
I am having trouble getting conventional financing for a fix and flip deal on a SFH. The problem is our debt-to-income ration is too high to support both the mortgage and rehab costs.
Details of deal- 225k Purchase price, 50k rehab cost, and 365k ARV.
We are currently doing a large rehab on our primary residence that we own mortgage free but is preventing a HELOC. We have approximately 30k in cash, and access to more funds in 401k accounts. Any advice on how to find financing?