Loan amount
$15,500
Loan type
Purchase
{Rent&Hold}
As-Is Property Value
$50,000
{PP:$18,000}
LTV
31%
{LTV}
Property type
Single Family
Borrower Details
Credit score
550
Deal experience
None
This loan scenario was submitted by a Broker
Yes
Property Details
City
River Rouge
State
Michigan
Loan Details
Purchase price
$18,000
Down payment
$2,600
Additional Loan Information
The current house I live in is available to purchase via the city I live in. I wish to purchase the home, rehab it and then rent it out. This is the first project that I would be doing for myself but I have experience doing it and managing rental properties for others. I work in the construction field and would maintain my current employment status as a union heavy equipment operator. I have experience in both carpentry, and electrical, as well as the general skills to do many repairs etc. such as managing other contractors doing what I can not. I also have at least one future renter prepared to sign a lease agreement now for when the property has been completed.
Status
Open
Created
November 30, 2021 - 4:14pm
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