Updated about 6 years ago on . Most recent reply
Need a partner!!!! Projected profits of 60K!!!
Hi everyone, I'm in a bind right now and need some help... I found a property for sale and the hard money lender agent that I was working with said they were able to fund 100%, if the purchase price and renovations are less than 65% of the ARV. I found a duplex, the purchase price is 120K, renovations are 35k (per my contractor) and ARV is 260K. After I got it under contract the hard money lender then told me that since I don't have any experience and that the property I wanted to flip was a duplex they will only fund 70%. So now I need a partner, to help with the other 30%. I am a new investor and this is my first flip, I don't have the 30% but I can manage the renovations. I am also willing to split the profits 50/50 or we can negotiate the profits. I'm in Anchorage AK and we are scheduled to close on 10/1.