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Reply to "Heading back to school. What would you do?"
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[quote=Anonymous]My family buys foreclosed houses in St. Louis (built between 1885-1900) that are just falling apart. If you can get quotes for the work you need done, you can borrow over the amount of the home. We typically buy a house for $40k, add $50k for renovations, and take a total of $90k as our loan from the bank. Sometimes we put 20% down, sometimes we just put $10k down. It depends how the numbers come out when the bank runs it. Go in and talk to a banker and have them play with the numbers with you. [/quote]
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