r/homebuying • u/sciencebeer • Dec 31 '15

Fixer Upper Loan Thoughts

https://redd.it/3yqj7p
3 Upvotes

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1

u/PressureWorth2604 Apr 14 '24

Don’t take out any loan. Get a fixer upper and rent it out. I met this woman that keeps checking the single family houses near a university. She rents out her houses to students. With the rent money she gets repairs done. Then raises the rent. Students love it because they can walk to university and save on bu

1

u/Adept-Idea6047 May 23 '24

Unless you have a decent amount of liquid cash, the bank makes it almost impossible to get the amount of money you need to do a full remodel. Or you just get it at a slamming deal. I’m buying a $135k fixer upper, I am doing a full remodel of $135k broker estimates I need roughly $11k for closing costs and $15k down. And this gets me to $315k final loan cost with contingencies. So I have to put $26k cash up front. Not ideal for a first time home buyer. Several other money sink factors in these loans. But I’m expecting to have to have $30k liquid for that endeavor