Hey guys, i have this deal that might possibly be my first. 28 days till auction date
est. debt of prop 150k
est. ARV: 280
est. 25k repairs.
what is the best way to execute this deal in the amount of time i have, and what is the best way to maximize this deal as well?
Should i get a hard money loan and close on it, flip and hold, flip, wholesale, wholetail, etc please let me know what your opinion is on this and if you need any more information.
@Patrick Felt , You may want to visit your local county courthouse and confirm what the liens are on the property. There are different types of auctions that you may attend, and each comes with a different set of rules. I would suggest you learn these before you move forward. Also, you're going to want to enter with your no more than amount. You typically need cash on hand to buy these properties as well (not all, some can be financed), and you may be hard pressed to find a HML that will lend on the property. Again, this goes back to the type of auction you're about to enter as well.
As far as your question in regards to what your end game should be, I would suggest you look at your goals. Which strategy is going to help you reach them. Break down the different scenarios, what your market is doing or where is it going, and which one is going to be more beneficial to you? Another question, how do you know it will only require 25k in repairs? Do you have access to the inside of the property or have you gone thru it with a general contractor? These are just some things to keep in mind before you get too far along. I hope this helps and good luck!
I would have an end buyer already in place. If possible use transitional funding if not able HM works as well.