HOW TO BUY CONTRACTOR’S DREAM
There are some properties which are called fixers. They are often built many years ago and have some deficiencies or old plumbing and electrical wiring or leaking roof. Conventional lenders cannot make loans for this kind of properties, and lately insurance companies require updates in the building as well.
One of such homes went on the market recently. It was built in 1925, and the family lived there for over fifty years. It was listed for sale by the agents from Vanguard Properties with whom I’m working on a regular basis. Since it is an unusual house, I prepared for them. Here are the flyers with two options which show how this kind of building can be financed. Click on this link to download and check them out.
Either as Fix and Flip, which is often used by the contractors or speculators, or Fix and Keep for anyone who needs a home and is willing to wait until it is going to be fixed. Forty years ago, my wife and I bought such a home for which we paid $225,oo0 and spent another $600,000 to fix. We still live there.
Recently, during our staff meeting, Lynn Jackson from Plaza Mortgage shared with us one of these financial options. Click here to watch a video piece of our conversation.
If you have any questions, please give me a call at (415) 225-7920.
I promise to help!
Manny Kagan,
President,
Pacific Bay Financial Corporation
NMLS #205637
DRE #00824602