All Forum Posts by: Loc Nguyen

Is it possible for me to get a hard money loan to purchase a house that need rehabbing, than after i am done fixing it up i decide i want to live in it.

Can i refinance that hard money loan into a traditional 30 year loan ?

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shouldn't you also factor in closing and attorney fees ?

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Originally posted by Wheatie:

Get bids from foundation guys. If you can invest, say $5000, and change it from a beater with a bad foundation to a decent house with fresh paint, you'll get back way more than the $5K.

Get some agents to look at it and give me a price they would list at that would product a contract in 30 days. Ask what price they would use if its fixed.

The difference and the bids to fix it up with tell you whether or not to do the work. If spending the money to fix it won't pay you back more than you spend, sell as-is.

If I had to pay a few thousand at closing to be rid of it, I might do that.

If I could spend some on it and make it a decent rental, I might do that. Would it make a decent rental?

How did they end up with this house? How did they end up needing to sell? This sounds a bit like the classical desperate seller that makes for good deals for an investor.

They use to live in the house but they moved into a bigger one and i guess they would just like to get rid of it. I am not sure if it would make a good rental they have mess up cabinets, sign of rat infested, and i am pretty sure the green tile is a turn off when people come to look at it.

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Originally posted by Wheatie:

I'm with Michael here, I don't like unstable foundations. There's one neighborhood in my farm area where many of the houses have shifted and have cracked walls, and I'm very leery of that area.

That said, I spoke with another investor who was able to get this fixed pretty cheaply. I was surprised. Do you have actual estimates for the work? I would think about trying to get this done, and see if you can convince the contractor to get paid out of the sales proceeds. I did this once on a property where we had to put in a septic. Unless the walls are badly damaged, they can be fixed as part of the painting. That will make a bid difference in the price you can get.

Thanks for the advice guys, Wheatie what would you do if You personally owned the house and you wanted to get rid of it. I am not trying to invest in it i am just trying to find option for my friend on getting rid of the house.

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I think it need the repairs because the foundation is messed up and the walls are all cracked up because of it.

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I have a friend that called me that just want to get rid of a house they are trying to break even on the deal.

The house has a mortgage of 50,000
(3 bed room , 1 and a half bathroom)

Houses in that neighborhood are worth about 75,000

The house has about a ballpark of 20k in repair.

I suggested them to try to "subject to" or fix the house and rent it out and hope that the house appreciates than sell it.

What do you guys do in this situation ?

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Lets say i have found a property that im interested in what do i need to get together to get an approval for a Hard Money Loan.

Thx for future replies!

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Good Debt is money in your pocket. So if you buy a house and rent it our most of the time your going to have to get a loan but that loan is making you money and building wealth in the long run too so thats good debt.

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thx for the info guys.

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Hi i had a question about closing cost ? How do you determine the closing cost when you are calculating your maximum purchasing price.

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All Forum Posts by: Loc Nguyen

Loc Nguyen has started 11 posts and replied 35 times.

Post: Refinacing Hard Money Loan

Post: Correct way to calculate offer price?

Post: Advice on a house.

Post: Advice on a house.

Post: Advice on a house.

Post: Advice on a house.

Post: Hard money loan

Post: What debt are considered a good debt ?

Post: Closing cost ?

Post: Closing cost ?