Skip to content
×
Pro Members Get
Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
ANNUAL Save 16%
$32.50 /mo
$390 billed annualy
MONTHLY
$39 /mo
billed monthly
7 day free trial. Cancel anytime
Starting Out
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated 6 days ago on . Most recent reply

User Stats

4
Posts
1
Votes
Matt Rivera
  • Contractor
1
Votes |
4
Posts

Problem with funding my second deal. Help?

Matt Rivera
  • Contractor
Posted

I have an off-market deal on the line for a purchase price of $70k. Rehab budget of $60k. ARV is $220k.

While it all seems so simple I’m having trouble getting funding due to lack of experience due to my last flip being 4 years ago. I’ve looked at hard money loans to cover home purchase + rehab but they want 20% down plus closing cost $8k which is grand total needing $34k at closing. Along with proof of funds $36k which I imagine will need to be proved on top of the cash to close. I only have $20k of available liquid funds. Ive also explored the idea of seller financing which the sellers are okay with however that still leaves me short the $60k rehab the home needs.

Do I do the seller financing to get the home in my name then look to get a personal loan to cover the rehab? I’ve explored bringing in a partner but have been shot down multiple times regardless of the profit split. What would be the best way about moving forward with this? I don’t want to wholesale or take an assignment fee because the home is a relatives. I also am ready to start building my portfolio and would like the experience of doing this. I own a new construction company (2 years) and wife is a licensed realtor so we have tools to successfully do the flip and the numbers are solid. Just having trouble getting funded. Need ideas.

Loading replies...