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Real Estate
Reply to "If you purchased a fixer upper - how did you see its potential?"
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[quote=Anonymous][quote=Anonymous]I'd buy a place that is already renovated. Unless you get a construction loan, you can't finance the repairs. With interest rates so low, it's probably smarter to pay more in sticker price. It would avoid doling out lots of cash on an ongoing basis. And you wouldn't have to live through the renovations. [/quote] Huh? Unless you get a construction loan you can't finance the repairs? What do you know about other people's financial situations? 1) yes, it is possible to get a construction loan 2) there are a ton of other ways to finance this including cash. While buying already renovated means that you don't have to live through the renovations it also means you have to live with someone else's mistakes, that the renovation isn't to your taste or, often, standards. You also often pay an inflated mark up for substandard work.[/quote]
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