I need to learn from you!
Does anyone here (with a small amount of hard cash who wants to double it) want to do a deal with me and double your money?
Yep, double. I'm not greedy.
Hold my hand (this first time only) and double your 20k.
I have put an offer in on a little 1,200 square foot foreclosure house (suburbs of Wash, DC) and it is currently tax assessed at $265k. It's the worst house in a great neighborhood. Houses on the same street, two blocks away, are presently listed $100k higher. I live only 2 miles away.
This (abandoned and very vandalized) foreclosure was recently price reduced from $70k. I walked through it with a contractor, before writing the offer, and he estimates it will take $15-20k to bring the house back. It sits on more than 1/4 acre, and the land alone is worth more than the lowered list price. (The block-long lot is potentially sub-dividable, and would actually hold another small home facing the next street over.)
With determination, I have found a way to afford the purchase. However, I don't have a penny to rehab it. Cannot qualify for any rehab (or other) loans. Need a partner. Need to learn from you along the way, as I oversee all of the work.
I have done the homework. Is there anyone who will help me get my foot in this specific door, plus install new doors while we're at it?