All Forum Posts by: Thomas DiGregorio

When I say down to the studs I mean a full reno, not tearing it down. It is worth $390k now, spending $250k to renovate will bring the value to $650-$700k. Unfortunately t's not possible to add a secondary / free standing home.

Hi Tom, Thanks for the response. Currently I'm at 5% credit card usage. My only debt is my mortgage and car loan. I do I have one missed payment on my credit history from about 6 months ago. My credit score was 750 prior to applying for mortgages back in May. Since those inquiries it hasn't rebounded and actually dipped again when my mortgage hit my credit report.

I'm hoping someone can shed some light on options to fund a renovation on a primary residence. To be a short as possible, I recently bought a home that I plan on living in and converting to a two family. It is currently a SFH with an in-law apartment. I owe $312k on the home and the current appraisal is 390k. The renovation cost is estimated at $250k and the ARV is $650k. The obvious thing I can do here is use a construction loan from the bank but I unfortunately need a 720 credit score to do so (currently I am at 680). I've talked to a few hard money lenders and have learned that hard money lenders do not do owner-occupied loans. Just trying to see if there are any other options out there, would greatly appreciate it.

Matt, did you ever find an answer to this question?

I'm in the process of purchasing a home and looking for some advice or others opinions. I am purchasing a home from a family member for about 150k below market value. My two options are to receive a gift of equity for a down payment of 20% or pay 5% out of pocket. My plan is to rehab this home (cost will be around 100k) and live in for a couple years before buying a second property and renting this out. Any insight or advice is appreciated.