I have a HUD property under contract in Wilmington Delaware. Purchase price is $71,000 and I have an ARV of $130,000 from a licensed appraiser. The property is a 3 BR 2.5 BA townhome, built in 2008 and needs only cleanuo, paint and carpet. I plan to hold this as a rental property. I do have a lender who will give me a line of credit once the renovation is finished, of 70% of appraised value, so I do have a short term exit if necessary.
Please let me know if you have a program that will fit this property.
Maynard how much money are you looking for and what will be the rehab costs? I have several programs available for rehab financing with different structures depending on your needs and qualifications. Please send me more details to firstname.lastname@example.org or call me at 949-215-7183 to discuss.