My first fix and flip
I have a very good deal I think. I've been working with a realtor and an appraiser about this property here in Florida. It's a 3 bed 2 bath, about 1400 square feet. Built in 1959 and the list price is 67500. Comps in the area show similar homes built close to that 1959 and they sold this year. Nice neighborhood and close to a community college, a park, and many other places and amenities. I estimated the rehab to be 12k-18k for some cosmetic and flooring issues. The realtor that I'm working with sent me the HUD inspection report and everything seems fine. I set an appointment to look at the property this Friday. As far as funding I don't have much money so I decided to go with a hard money lender but, he offered me a deal. I bring the DD fees (underwriting, processing, and appraisal) which is about $2500 then we can split the profit of the home. The ARV is estimated at $120k if rehabbed correctly. I don't necessarily have $2500 either. Is there anything I can do to get the money? Does this sound like a good deal? Looking for feedback please and thanks. I think it would make a great first deal! Looking forward to reading your advice!