reo purchase
hello bp.
this is my very first post here at bp so please stay with me. Let me try to explain my situation. i have been studying investing here at bp for along time and i have made the choice that fear will not stop me anymore. anyways i have found a house here in las vegas that i would like to buy and flip, its a hud reo. how do you get financing structred when you have to buy it from the bank. the numbers work out at: purchase price $125000
rehab cost $25000
arv $209000
my question is i am having a very difficult time with the arv. i have not used the mls yet to verify. my numbers are from what i can find homes sold in the area off the internet and i have looked up each house individually for actuall sold numbers and dates. i still do not feel very comfortable with my numbers i will speak to a realtor this week about comps and i would like to be able to verif what i am being told.
next how do i present this to a private money lender since i wont have it under contract untill i get the money from a private lender. or am i doing this all wrong suggestions appreciated.
thanks everyone