This isn't a commerical deal but I hope someone can help .
I am looking at a single family house that is a repo bank owned
asking $80,000 I want to offer $75,000 but need $5,000 out at closing
The property will appraize close to 115,000 with the repairs
that the $5,000 will fund I am going to do most of the repairs myself
so I don't think I want a home inprovment loan
I need to do this with no out of pocket expences
My wife and I have good C score's
we are planing on living there for 5-10 years at the most.
What would be our best course be to keep a low monthly payment and have the extra
at closing if I can't know for sure about the money for the repairs there is no deal
Thanks
Ray

Rayf,

Depending on what state you are in you might be able to get a rehab loan.
This loan is for properties which are not occupied during the construction process and the rehab lender will loan up to 65% ARV of the acquisition cost and construction cost.
That means if the properties After Repaired Value is $100,000 the lender will loan you $65000.
Now you can roll in the acquisition costs, the construction costs, the closing costs, and possibly the monthly payments which are interest only.

Another option may be a FHA (203)k. I believe you can occupy the property while you are fixing it up and they allow up to 35,000 towards fixing up the property.
They have a list of repairs that they allow.

What state are you in? I may be able to help you with both of these options
Feel free to call me or e-mail me with any questions