I need some advice gentlemen, an 1100 square foot house near lake grapevine has come up for sale for 100K. Great area. It was built in 1963, has been gutted and reframed. Needs Sheetrock, kitchen, appliances, new electrical, AC/heat, roof etc. I'm in construction and am figuring it to be a 50-60k overhaul.
What kind of loans are available on something like that? I would figure that the bank would not typically loan on a home in that condition. I'm 24 and make 70k a year so who knows what I'd qualify for. Would it be smart to risk the 150K investment? I'm sure I could flip it for at least 215-220k all said and done. Thanks for the help.
What kind of loans are available on something like that? I would figure that the bank would not typically loan on a home in that condition. I'm 24 and make 70k a year so who knows what I'd qualify for. Would it be smart to risk the 150K investment? I'm sure I could flip it for at least 215-220k all said and done. Thanks for the help.