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Rehabbing & House Flipping

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Manuel A.
  • Rehabber
  • Albuquerque, NM - New Mexico
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283
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Do You Think I Can Get HML Financing With These Comps?

Manuel A.
  • Rehabber
  • Albuquerque, NM - New Mexico
Posted Jun 11 2013, 09:55

When I look at a house, I view it like the goal is to build a strong case for why someone should finance most of the project for me. That being said I usually like getting at least 3 sold comps. My Realtor could not find three good ones for this current property.

Me being the beginner that I am, do you think I can get financing with these comps in this picture (also, just take my word, the 2 sold comps with 0.5 mile radius of the house. The others are within reasonable range some within 0.5 of a mile, some within 1 mile...):

The subject house is 3bed/2bath, sqftg 1,270... and the comps are 1 story as is the subject house. Basically the subject house and comps have the same style and this is an older, but nice neighborhood.

I don't think the stuff I just said matters, the point is, do you think these comps are okay considering there is only two sold, "good", comps. Cause I want to make a strong case when I talk to my HML's...

I also think this may be a good prospect as asking is $69,000 and the sold comps don't have really great finishes... They even have those laminated tops in the kitchen...

I'm only asking because this has happened before, and I want to be sure if I pass up a potential deal cause there is only 2 sold comps, that it's the right thing to do.

Thanks,
-Manuel

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