J asked:


i bought a home for 45k.in michigan i had to pay cash for it as it needs alot of work. you name it, it needed it. So i outright own the home no mortgage or anything, its all paid. i used up the rest of my cash fixing the place up and having water put in and everything, so i could take out a loan to finish everything else. I still need a roof, windows, siding etc. the next cheapest home in the neighborhood is 80k and its a pile of crap too but on avg the homes are 120+ easy. its a 3 bed 1300sq ft ranch and
the SEV value on it is roughly 50k so you would double that correct.
i think i need about 75k to fix it all

so im looking for a 75k loan to pay for everything

any ideas on what i can do ?
i have excelent credit 730 range

any one with ideas to help me out
it is my primary residence. its not in that bad of shape. but it all needs to be done. insurance co apraised it at 130k

ok 730 isnt bad for credit i over said it sry guys.

any other ideas on what i can look for im in Michigan
the house will pass an inspection too. it would pass the Fha even and theyr tough but the roof is on its last leg its about 20yrs old and they deck needs railings. i wanna tear it out all together.

any options to get the 75k i need to to it all ?

Raymond

LostKoss asked:


As I stated my wife and I own our home.It is in downtown Milwaukee in an area that is seeing a great deal of improvement.

The fair market value is 60,000 ,and we have a home equity loan
with about 16,000 left to pay,from siding and a new deck she had installed before we were married.

The house needs substantial work including a new roof and plumbing and most likely wiring too.

We would like to fix it up and sell the house to move closer to our jobs and get away from downtown.

My question is what would you do?

Spend the time and substantial money to fix the mess?
This would mean refinancing the existing equity loan to a much higher amount…with the possibility of improving the houses value.

Or, Sell the house and get what we can now and use the money to pay off the loan and get a new mortgage on a new house.

Does investing in massive repairs pay itself back in selling ?

We both have good jobs and no dependants, but our credit history is only so so . What should we do?

MITCH