Zakia Woodall, Other/Just Looking in Philadelphia, PA

I currently own a property that I have no mortgage on and is a shell. It's in an up and coming area where

Asked by Zakia Woodall, Philadelphia, PA Sat Aug 23, 2008

the property value of homes have increased significantly. Where and what type of loan would I be able to get to rehab this property?

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Hi Zakia, the type of loan you would get on this property would be a renovation or construction loan. whether or not you qualify for it would be a discussion you need to have with a mortgage company.
If you do not have a mortgage person you use, please give me a call. I can pre-qualify you for a construction loan to renovate this property in about 10 minutes. My contact info is on my website.

You can also refer to my article on rehab loans on my website for more info.
-Dale Archdekin
Web Reference: http://www.liveinphilly.net
0 votes Thank Flag Link Sat Aug 23, 2008
If you are interested in selling, there's a real good chance I have the buyer for you...
Please let me know at odelia@OdeliaAminov.com or call 215-360-7573.
Web Reference: http://www.odeliaaminov.com
0 votes Thank Flag Link Sat Aug 23, 2008
Consider the FHA 203(k). In addition, the Philadelphia Home Improvement Loan Program may be an option.
Web Reference: http://PhillyandBeyond.com
0 votes Thank Flag Link Sat Aug 23, 2008
One word answer...BANKS. They are the only ones that have this type of monies. You can go direct, but you can also use a good mortgage broker to get you the right deal that will work for you.
Web Reference: http://fredglick.com
0 votes Thank Flag Link Sat Aug 23, 2008
Zakia,

My first question would be do you plan to rehab it to live there or rehab to then sell ? In this market, it may make more sense in Philadelphia to sell the shell as it is... shells are quite marektable and are in demand. We have a ton of experience being investors and work with a lot of investors and sell these types of properties.

If you plan on living in it, than that is a different story. You can contact Wells Fargo for their Rennovation Loan - I have several Wells Fargo contacts - feel free to email me from my site below. There are some other local banks that could lend on that type of property but just know this type of financing is not easy and can be tricky.

It just depends on your goals. The risk about rehabbing and then selling is that we have across many investors recently who have not got back on the sale side the costs that they have put out.... and know that what you expect the costs to be add - add $30,000 to $50,000 to that ! It always ends up more !

Feel free to email me if you have other questions or just want to sell the shell.
0 votes Thank Flag Link Sat Aug 23, 2008
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