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Updated almost 6 years ago on . Most recent reply

ARV 218K , Purchase price 100k, under contract but HAVE NO $$$
I just got 3201 45th st, Lubbock, TX 79413 under contract, the original asking price was $140k, I got it for $100k. I have a 10 inspection period and 30 days to close after and only put down $50.00. It needs 45k in renovations.
I have a contractor and the ARV is $218k -$250k
How do I fund this flip?
Most Popular Reply

- Lender
- Lake Oswego OR Summerlin, NV
- 64,034
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ya we got schooled in Texas appraised values and what someone will actually pay is very many times not close to the same.. its not like our area on the west coast were if a house is worth 210k It sells for that.. of course in the major metro area we don't have any homes that are livable that cheap.. but you get my point.. also when flipping these are almost all FHA buyes at those price points and yoru going to have to give substantial seller credits and in our experience what we went into contract for and what the appraisal came in at was ALWAYS 5 to 10% less it was frustrating.. its certainly a locals market for sure in my mind.
- Jay Hinrichs
- Podcast Guest on Show #222
