Dallas-Fort Worth Real Estate Investor Club

Cash for repairs.

  • 07 Mar 2015 4:08 PM
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    Message # 3244455
    Bruce Nelson

    It is said that you should ask for money when you don't really need it so here goes.  I just got a house under contract in Cleburne.  3-2-2 ARV ~ $130,000.  Purchased with cash.  Anyone want to lend me $35,000 for repairs?

    Let me know. wbn@engineer.com
  • 08 Mar 2015 1:26 PM
    Quote
    Reply # 3244830 on 3244455
    Robin Carriger (Administrator)

    Hi Bruce, What's the address?  What loan terms are you seeking?  Thanks

    Last modified: 08 Mar 2015 1:26 PM | Robin Carriger (Administrator)
  • 09 Mar 2015 7:55 AM
    Quote
    Reply # 3245230 on 3244455
    Deleted user

    Hi Bruce, I was going to phone you yesterday and could not find your number. Please call  me & we can discuss what you need if you have not already made arrangements for what you need. 817 ***798-7***444

    Thanks,

    Jean
  • 09 Mar 2015 11:05 AM
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    Reply # 3245397 on 3244455
    Bruce Nelson

    Hi Robin,

    The address is 1217 Hilltop, Cleburne, Texas.

    It had a garage conversion that has been changed back. We are buying with cash for $62,000.  It is a pier and beam house and some repairs have been done including foundation work, new roof, new electric service and new subfloor.  We have a bid to finish rehab for $34,700.  It will include replacing everything inside to new to sell in the $120-140,000 range.
    I also talked to experienced realtor who sold house at 1208 Hilltop and he believes that $130,000 ARV is a good number.  He also said it is a good neighborhood.
    I don't have pictures but exterior is done except for trim.  Inside is pretty rough.
    I am looking for $35,000 to do the repairs.  You want me to set the terms?  I would like to borrow the money for 6 months and will pay you back at that time with my thanks! (Heh heh)  I know there is hard money out there at 10% interest with 4 or 5 points so probably wouldn't be interested at too much more than that.  I am also checking into equity loan possibilities.  I know some banks are doing those again and some will lend based only on credit score at reasonable rates.
    Thanks,
     
    Bruce Nelson
    wbnelson.legalshieldassociate.com
    817-995-3132
  • 09 Mar 2015 11:34 AM
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    Reply # 3245443 on 3244455
    Bruce Nelson

    By the way, The boss said I might be able to sell it as is if anyone is looking for a great project in Cleburne.
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