All Forum Posts by: Mike Chubb

my plan is to purchase it get it livable so that it can qualify for a conventional loan 

Can any  investors here help me with just the 43k purchase? I can get the rehab money later but I don't have both I will fix this home myself and live in it it's not a fix and flip

it's 1 sfh 3br 2bath brick with a basement corner lot that has 3 parcel numbers 2 parcels have been sold to taxes they all can be redeemed totaling 41k to make sure that I have total control I have to pay the owner 5k for deed totaling 46k to control .the rehab is 73k (this is one contractors SOW only) the entire purchase and rehab is 120k the comps in the neighborhood sell for 152-160 unfinished and dated this ARV WILL sell for 216 to 226

yes I agree I've been looking for a private lender and have had no luck it's unfortunate that this home will most likely be left to the way side if I cannot find the help I need to aquire this property I look at it as a win for everyone if I be the loan to buy and rehab you already have a buyer..but I just don't work that way

I can most likely cover making it livable to get the heloc. When you say seasoning,You mean having lived in the home a while before they consider the loan? So even with no mortgage you still can't get the loan based on the value? I would do hard money but they will not loan to us because weve never done a deal before and they don't think the deal is profitable

My credit is bad and won't qualify and my father can't help with that because it would be considered an investment property since he alrready owns a home 203k won't work we also have an issue with the 20% down as well. Let's say that we get control of this property for the 5k could I then get a home equity loan based on the value of the property With ou putting down the 20% and then pay the back taxes and use the rest to rehab?

I found a property that I was going to TRY(i say that cause I needed funds) and buy to fix and flip...however life situations  have come up and I need a home for my self and 3 kids with the one on the way...here it goes 3br brick home 2 bath unfinished basement in cook county illinois...back taxes on this property are all that is owed no mortgage it's on 3 property pin numbers which #2 has been sold to a tax buyer that can only be redeemed from that tax buyer for 23k(i have been in contact with them and they have not deeded the property and won't for awhile) pin#1 and #3 has unpaid taxes a portion sold to a tax buyer and the others just need to be paid for. Total of 18k which comes to a total of 41k just in taxes to control the property I need the owner to sign the deed over before I pay any taxes he just wants 5k so total purchase is 46k the home needs 73k in rehab it's currently no livable due to no water heater and a hole in the roof I cannot get conventional lending as I need to do a few steps with the 46k to clear title ( no lender or title company ive called will deal with this property) I need a creative way to obtain this property my partner in business(my father) has the credit and income to help me but we have no 20% at this time he's also apprehensive about hard money and we have no one to lend us the money what can we do?

I'm looking to get into fix and flip and buy and hold actually looking to partners so any help would be great

Hello everyone my name's Mike I'm located in river grove illinois about 15 miles west of Chicago in cook county looking for partners and hoping to get started a.s.a.p with my first deal

thanks@roseborges

I thought that the 203k was only for owner occupied that you have to live there?