Flipping Idea.

7 Replies

I bought a rehab property for 30k in Columbus Ohio 1 year ago (2000+ sq ft, 3bed 1 1/2 bath, attic and basement) I recently received some comps and similar sq ft houses with 3-4 bed and 2 bath are being sold for $100,000-$170000. 

I was recently laid off and was wondering other than a loan or borrowing from someone, how can I finance the rehab ?

I am considering flipping given the recent comps.  I've  been doing a lot of research about the 70% rule etc but I am still confused, any suggestions what topic or forum would be best for me to research ?

Thanks guys

Shema, you might be able to take out an equity loan but without knowing more details it is hard to say.  I also do not know how the banks would view the recent job loss.  

On another note if your property is worth anything similar to the comps you mentioned then you may want to considering selling...this is a good time of the year to sell.

It also depends on how much work is still needed on your home, etc.  Let me know if you need more info or if this even helps.

Pm with the address. Did you work up a quote?  There are a few lenders in the area, but you may have a hard time with some of the Private money guys because it's been held for so long. 

Sounds like you might have something going for you :)  what is the rehab estimate?

@Shema Turner

Thats a tough area over there, I know alot of people interested in that area and could personally get you in touch with them. A word of caution to really lock down your ARV and rehab amount but if you are confident of those numbers and they are true then you could partner with someone who has the money and or the ability to do the work and split the profits.

Thanks for the help everyone I really appreciate the help. 

Originally posted by @Brian Hayes :

@Shema Turner

Thats a tough area over there, I know alot of people interested in that area and could personally get you in touch with them. A word of caution to really lock down your ARV and rehab amount but if you are confident of those numbers and they are true then you could partner with someone who has the money and or the ability to do the work and split the profits.

 What area is it, she didn't mention in this post?

Medium logo 5545John Horner, Core Developments LLC | [email protected] | 614‑664‑3174 | http://johnbuyshousesohio.com/

@John Horner

The OP has first and last name and location.... that particular property address is available to anyone with an internet connection

Reach out to me if you want a potential partner.    We can finance if it makes sense.

Chad

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