Private Money Lender on potential flip.
Hello everyone.
I have a potential flip in a desirable area. It is a Freddie Mac owned property in a town about 20minutes away. I have seen the property, run the numbers, and see it as a very good investment.
1940 Colonial, 1200sqft living space. 2 (Possibly 3) Bedroom, 1 Bath. Partially finished basement. very large kitchen, with patio, porch, 2 stall heated and wired garage.
Repairs:
Needs a roof, replacement cabinet doors, some wood trim, new appliances, and a new kitchen floor.
Asking price: 185,500
ARV: 230,000
Estimated offer 155,000
Here is my dilemma. I am a firefighter/paramedic and I am forced to live in the town I work in, therefore owner/occupant is out of the question. I only have enough cash for about 10% and it requires 20% as an investment property. Does anyone know of any ways around this? Or possible ways of finding private money lenders? Any tips are very appreciated.