December 18th, 2009

Ok, need a $48k loan on a pre-foreclosure property worth $70k. Very bad credit, R there any options?

buy property quick

Due to a challenge my business recently faced, I had quite a dip in my credit rating. I have the opportunity to buy a 2004 mobile home appraised at $70k, for about $45-$48k. If swapped out quick enough and properly it has the potential to make $21k in profit. Is there any way to make this work, maybe a hard money loan, or how could I find an investor that may be interested in partnering with me on this?

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4 Responses to “Ok, need a $48k loan on a pre-foreclosure property worth $70k. Very bad credit, R there any options?”

  1. ewtaylor2001, on December 20th, 2009 at 5:06 am Said:

    you could try family and friends first.

  2. LunaBelle, on December 22nd, 2009 at 12:29 pm Said:

    Not really, go with a good mortgage company (request an interest only loan) for lower payments and then refin it later. Sorry but you will pay a higher interest rate, so you may as well get one that will help you until you get on your feet.

  3. patino87, on December 25th, 2009 at 2:19 pm Said:

    First, investors wont lend you the 48k so you can make 21k and they only get your interest. What you should do instead of investing on this your own, just sell it wholesale. What that means is, since you don’t have the money sell this info to an investor. Tell him the potential and ask for 4k for you.

  4. resource man, on December 27th, 2009 at 4:26 pm Said:

    see if there are any resource here

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