How can I make this deal attractive to a money partner
Hey Everybody,
I was emailed today by another wholesaler that has a property under contract. He is selling the property for $140,000 needs $10,000 in cosmetic repairs. The comps in the area are between $240,000-$250,000. Originally he contacted me to bring him a buyer. But I been looking at the numbers and I am thinking of taking this one on myself.
I found a hard money lender willing to lend me the money for the purchase and repairs. The lender does not require any documentation so they require a 35% down payment which is roughly about $45,000 give or take.
I would like to bring in a money partner to put up the $45,000. If I were presenting this deal to you. How could I make it attractive enough for you to want be involve (ie interest rate, terms etc.)? The rehab will take bout two weeks. The average days on the market in that area is about 61. I plan to market the property during the renovation phase to gain interest. I believe it will be a quick sale. If it is not I have built in cushion to compensate for the additional holding cost.
Any thoughts would be appreciated.