A Second Opinion to Help a Newbie Analyze My First Flip
Hello BP,
I am looking at a deal right now and I would like a few more opinions. The house I'm looking at is a 3/2 in a good neighborhood in Florida, about five minutes from the water. It was built in 1970 but from pictures it looks like a rehabber updated it sometime recently. I am concerned however because it has some fire damage and the bank will not let me in to see it because of the apparent risk from the damage. but from pictures it appears to be mostly unscathed. So assuming that the damage is not severe I'd like to run the numbers by the illustrious BP Nation!
Purchase price is $69900, the comps in the area range from 140k to 190k
I plan on using a HML for 70% ARV(105k) leaving me 35k for holding costs and renovation. I used the Flip Calculator and if it took 120 days to close for a Sale price of 150k I would make about 17k is that a good investment? And as a follow up: How can I get in touch with a Hard money lender? the online apps I filled out only added me to their email list and I have yet to talk to anyone about procuring financing.
Thank you for your time!
AJay