Have an opportunity to buy a house at a really good price through longtime family friends whose parents have passed…the house is nearly completely gutted from an aborted rehab after the big freeze a couple of years ago…the abatement was done & then they went through contractor issues & have decided to punt.
They know I’ve been kicking around the idea of getting my own place again & approached me about the property. The upside for me is that I can build it back exactly how I need it without much additional demo & it’s a solid location because it’s between my 2 boys.
I have enough cash to buy the place & rehab it, but, if I did both I would be cash broke when this is done & I don’t like that idea…so, what are my best options here ? Can I even do a regular mortgage on a gutted house ?
They know I’ve been kicking around the idea of getting my own place again & approached me about the property. The upside for me is that I can build it back exactly how I need it without much additional demo & it’s a solid location because it’s between my 2 boys.
I have enough cash to buy the place & rehab it, but, if I did both I would be cash broke when this is done & I don’t like that idea…so, what are my best options here ? Can I even do a regular mortgage on a gutted house ?
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