All Forum Posts by: Nedra Campbell
Nedra Campbell has started 1 posts and replied 3 times.
Post: Financing Vacant Fixer-Upper Duplex
- Detroit, MI
- Posts 3
- Votes 2
@Christopher Phillips yes I’ve looked into those programs. We’re approved for a 203(k). Everything I’ve seen is owner occupied. While I want to live there, my hubby doesn’t. So I’m considering other options. I’m just wondering if I’m missing something in terms of non-occupied financing options under our circumstances.
Post: Financing Vacant Fixer-Upper Duplex
- Detroit, MI
- Posts 3
- Votes 2
Originally posted by @Christopher Phillips:
I didn’t mention which auction because I didn’t think it was relevant. I have the cash for the purchase, but not the rehab. The auction is Detroit Land Bank Authority. It allows cash and financing.
Post: Financing Vacant Fixer-Upper Duplex
- Detroit, MI
- Posts 3
- Votes 2
I plan on purchasing a fixer-upper. It's a duplex. The purchase price at auction is $16,800, but it needs over $100k in work. The estimated pre-rehab value is $68 - $92k (Trulia / Redfin). The ARV is $225k. Is there any way I can get a non-owner occupied mortgage? Is there anything other than a hard money lender that I can use other than cash to finance the purchase and rehab. We've considered the 203(k) route and living in half of the duplex, but the 203(k) route seems like it will take forever. Plus, finding general contractors who are willing and capable of completing all of the requisite paperwork has been challenging. Any thoughts or ideas would be greatly appreciated.