Loan amount
$81,000
Loan type
Purchase {Fix&Rent}
After Repair Value
$150,000 {PP:$31,000}
ARV
54% {ARV}
Property type
Single Family
Borrower Details
Credit score
602
Deal experience
None
This loan scenario was submitted by a Broker
No
Property Details
City
Gallup
State
New Mexico
Loan Details
Purchase price
$31,000
Down payment
$0
Cost of improvements
$50,000
Estimated property value after repairs
$150,000
Additional Loan Information
We are trying to purchase a home on a REC for $31000. It sits on 2 city blocks which would be worth about $15000 a piece. The house is unsalvageable and we want to tear it down and place a nice, moderate modular home. We would do landscaping and other curb appeal to make the property extremely pleasing. Real Estate in New Mexico is absolutely on fire and a place as we are explaining would easily rent for $1500 to $2000 per month. Even here in Gallup. Anywhere else like Albuquerque or Santa Fe, it would be $3000 or more. Plus, my husband is a carpenter by trade and I am a Disabled Vet which means we can devote 100% of our time to making this a reality.
Status
Created
November 4, 2021 - 1:03pm

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