So my best-friend is moving from Virginia to Phoenix to join me in my real-estate affairs. We think we may have found 'THE' house for our first investment. As of right now it is in need of some minor upgrades & could be worth a fortune once the housing market goes back up to into a positive cycle. That being said, we are trying to figure out the best solution as far as payment is concerned. We are NOT going above $50k as far as selling price is concerned, but have assessed there to be approximately 10-20K necessary to bring the house back up to its original market value of $185K. I am in the process of figuring out ways to get the house inspected as I suspect water damage SOMEWHERE given the mildew-smell when I first entered, but regardless, need to know our best option as far as financing. Mortgages (from what IVE read) only cover the housing cost, not the repairs. Am I better off getting my investor into a standard loan & acquiring an additional 10-20K to improve the property, or acquiring a potentially more economical mortgage and finding the rest of the money for repairs along the way. We are also planning on moving into the property while it is being rehabilitated. My credit sucks, he has a 770. What do I do?
"What!? NO! We can't stop here! This is bat country!"