Skip to content
Buying & Selling Real Estate

User Stats

604
Posts
222
Votes
Jim Viens
  • Rental Property Investor
  • Kansas City, KS
222
Votes |
604
Posts

Needing input

Jim Viens
  • Rental Property Investor
  • Kansas City, KS
Posted Apr 21 2015, 07:41

I have a property under contract and have an HML ready to go but I don't have the additional $10,000 for closing. The numbers for the deal are as follows:

House is a 100 year-old 2-story on a large half-acre lot. Needs a full gut with all new electric, HVAC, windows, roof, etc.

ARV: $135,000 (could be as high as $150,000. Getting this verified.)

Contractor's written estimate for repairs: $70,000

Purchase price: $13,500

Other costs (closing, appraisal from HML, etc.): $10,000

What I'm wanting to know is...does it look like there's enough meat on the bone for me to wholesale it at around $22,000 or should I bust my tail to find a financial partner on the deal and do the rehab (which I would prefer...just not sure where to get a partner).

Loading replies...