I recently acquired a house at a foreclosure. the house is located in Norristown PA 19401. The house needs around $40,000 in repairs and there are about $20,000 worth of unpaid taxes on it.A newly rehabbed home in this neighborhood can easily sell for over $120,000 , however I'm in the process to get approved to put up a newly constructed modular 3-4 family home on the lot. the modular company I will be using hasn't quoted me a price yet, but they build 1000 sqf for about $30,000 all included, so im guessing my price wont be much higher especially since im stacking the apartments. This would be a more costly scenario then a rehab, I'm guessing still under $100,000 all in, but a 3 to 4 apartments new construction home would easily sell for over $200,000 , or it can be subdivided and each apartment sold for $75,000 + , or each apartment can be rented for $1,200 - $1,500 per month yielding about a 40% rate of return.

I'm looking for an ARV loan of $60,000 - $70,000 to cover all my expenses. lender can hold the deed until the home is sold or rented. If I get approved for a new construction, I am able to get bridge financing or put up my own cash to cover the difference.

I have over 12 years experience in real estate and have done over 50 rehabs in several states. I have good credit and the house is owned under an llc.

please contact me via email:

kai15j@yahoo.com

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