I want to invest in real estate?
I have no money what-so-ever and I wanted to know that if I get financing for a mortgage loan for lets say $ 60,000 and I find a house that I want to rehab and it cost $ 40,000, and it needs $ 15,000 in repairs, Am I able to get the whole $ 60,000 for the house and for the repairs and keep the remaining $ 5,000 in reserve for the mortgage payments until I am able to find a buyer for the house? Please no, Yes or No answers. Please explain in detail if there is anything else I can do if this is not an option. Thanks in advance.