WHOO HOO or OMG ? In the end..the appraisal decides

WHOO HOO or OMG ? In the end..the appraisal decides

I thought I'd make a new thread because I thought this was worth hearing about for building up of the doubtful. Look at what just ONE good deal could do for YOU.....if you perservere or get lucky like me. I posted this on the other thread, but I wanted all to know what's going on.

Hey there.....After being tenacious and sending many emails I finally found a Hard Money source that seems to be viable here in the NW.

www.privatemoneysource.com is fairfield financials' website.

They very quickly approved my deal....they DON'T require an appraisal....only Good Comps, and a basic info about me...Including Credit report for the first deal.

I ended up needing to put a small down on the deal because we have never done business before. The lender told me that once we do a few deals together that they will not require ANY DOWN payment. They are going to put a lien against my current home in lieu of the down. That's ok because it's only until I refi in 3 months.

That basically puts some "skin in the game." I will only have to come up with $2000 as part of the Application process which will go toward closing costs. Also....I only have to allow 3 months interest payments as the minimum that they wish to recoup. The interest rate is HIGH...13%, but I only intend to pay that for 3 months. Also...they are charging 5 points.

I will begin the REFI process almost immediately. My payment should be around $1400 or so, not including tax and insurance, but the $1650 rent that I will receive will cover most of those costs.

I did the COMPS and the average cost per sq. foot for the last 4 months of sales is $132 per.

With the 2689 sq. ft that I am purchasing that ads up to a Value of $354K or so using that as a basis. I paid $160K for the property. Needless to say....even if the house comes in at $100 per sq. ft.....that's still $109K of EQUITY.

So I guess WHOO HOO is the right title for this thread. But I guess that
" OMG " would be more like it if it comes in as "average"value per sq. ft. Average = $194K in EQUITY.

Now I realize that I couldn't sell it at that price in THIS market, but I guess I could open one HECK of an Equity line of Credit.


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