OfflineHello DG family ! I need your Help Please !
My brother just wants out from under his house in Indiana. My brother and I both grew up in Indiana and we both now live in south west florida.
His house is 712 sq. ft. 2 bed 1 bath w/car port. His payments are $149. per month (taxes & ins.included ) and the mortgage balance is $11,000. The repairs needed to make it Rentable are around $5,000.
I pulled it up on Totalviewrealestate.com and Zillow est. is $35,074. and the value range is $26,625. to $71,000.
My credit is not good and i don't have the money to rehab. I want to take over his payments. So what contract do i use ? I would like to have and /or assigns in the contract. How can i get the rehab money ?
After rehab , i want to tent it out through Section 8.
GENE BUSSARD..It's Time to Grow !!
managing out of state property is NOT easy
why not just get under contract and assign for profit
you could try to partner up and split profits- who'll do repairs?
Mike
https://tvallc.isrefer.com/go/RehabLite/renvestr/ Free tools
Thanks Mike for your comment...I would contract out the repairs. I have relatives who live in the same town as the property. I would like to hold onto it and use it as an investment . This would be my first investment and could get me going into my investment career.
Should i use a Lease Option contract to buy his house ?
How would you go about finding the rehab money if you had bad credit ?
GENE BUSSARD..It's Time to Grow !!