Loan amount
$395,000
Loan type
Purchase
{Fix&Rent}
After Repair Value
$475,000
{PP:$335,000}
ARV
83%
{ARV}
Property type
Single Family
Borrower Details
Credit score
550
Deal experience
1 deal
This loan scenario was submitted by a Broker
No
Property Details
City
Concord
State
New Hampshire
Loan Details
Purchase price
$335,000
Down payment
$0
Cost of improvements
$60,000
Estimated property value after repairs
$475,000
Additional Loan Information
My friend inherited a house and is currently renting to another friend. She is offering the house to me for a purchase price of $335000. That is a great price given that this is a highly desirable neighborhood in a city with very little inventory. My plan is to make improvements including finishing the basement and adding a bedroom, bath and kitchenette to create a small apartment in the basement (which has its own access via a separate door). I would then continue to rent the upstairs to my friend and find a tenant for the basement apartment. Because my primary residence is in Salisbury and is undergoing renovations I don't have money for a downpayment so I'm looking for a loan with a term of 12-24 years and no downpayment. The current tenant pays $2000 a month. With renovations that price would increase to $2500 and the basement apartment could be rented for $1200. Those rates are in line with current rental properties in Concord, NH. My goal would be to convert the loan to a regular mortgage in 1-2 years. Thank you.
Status
Open
Created
February 5, 2024 - 11:26am
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