Purchase & Rehab an Investment Property in Florence, Alabama
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Purchase & Rehab an Investment Property in Florence, Alabama
- What's your First Name? Leslie
- What's your Last Name? Pelt
- What's your Company Name? PLRMidland, LLC
- What's your email address [email protected]
- What's your phone number? 2566331387
- What is your primary role in this loan request? Borrower
- How much would you like to borrow? 225000
- What is the property's current market value as-is? 229000
- City Florence
- State Alabama
- How would you describe the location? Suburban
- How would you describe the current condition of the property? Excellent
- Which asset class is the subject property? Residential Property
- What type of residential property? Single Family Residence
- How many bedrooms? 4
- How many bathrooms? 2.5
- What is the purpose of the loan? Purchase & Rehab an Investment Property
- You're seeking a 1st mortgage, right? Yes
- Has a subject property been located? Yes, and it’s under contract
- What is the purchase price? 210000
- What percentage of the purchase price can you contribute? 10%
- What is the source of your contribution to the purchase price? My own cash
- What is the current market value of the property that has equity? 365000
- What is the plan immediately after the purchase? Rehab the property
- Would you like the loan to include funds for the rehab project? Yes
- Do you have a rehab budget? Yes
- What’s the estimated rehab cost? 15,695
- How much do you think the property will be worth after the rehab? 299000
- How many property rehab projects have you completed in the past 2 years? 2
- Do you have a team ready to work on the project? Yes, I will hire subcontractors and manage the project
- How would you describe the rehab project? Light Rehab
- Would you like to share additional details about the project?. The bathroroms are the problem in this house. The bathroom tile is the 1950's tile. The counter tops need to be replaced and there is tile in the main floor that needs to be textured and painted to with the house. Counter be installed in its place. Light painting in the master bedroom and crown molding installed throughout the house. Minor repairs due on the outside perimeter fence and if budget allows a new updated front door
- What is your plan for the property once rehab is completed? Lease the property
- Will the property be used by a cannabis business? Select ...
- How long of a loan term are you seeking? 12 months
- Can you provide the property address? Yes
- What is the subject property’s address? 1617 Lamar Street Florence, AL 35630
- What is the size of the lot(acres)? 0,36
- What is the square footage of the building(s)? 1800
- How would you rate your credit? Good
- What is your average credit score? 660
- Are you a U.S. Military veteran? No
- Are you a citizen of the United States? Yes
- Please provide more details on the use of the cash-out funds. Cash will be used to purchase the home and pay all taxes and cost associated with closinmg and the purchase of the property materials needed for the rehab and renovation of Lamar Street OLnly those materials needed will purchased as outlined in the above narrative, The home will be rented for $2100.00 monthly or sold for the newly appraisal price
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Deal Overview
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Contact
Deal Overview
Loan Info
Final Details
The Story & Summary