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Updated almost 10 years ago on . Most recent reply

User Stats

14
Posts
3
Votes
Adrian Hernandez
  • Contractor
  • Irving, TX
3
Votes |
14
Posts

Contractor with a deal.

Adrian Hernandez
  • Contractor
  • Irving, TX
Posted

My parents are selling the house through me(real estate agent and contractor). 

They agreed to let me flip their house. 

They owe 55k and the ARV is close to or above 175k. Repairs are at most 50k, since the last remodel was over 10 years ago. I have worked all numbers a couple of times.

I really only need a small 20-50k loan to fix and sell. I have 10k cash, but i know material alone will make me go broke. 

Just looking to see if anyone out there is capable and willing to make a little money off a loan. Won't be able to split profit, but could return interest on loan. 

I figure, it would take me a few months to save another 10k, but we really want this now.

Most Popular Reply

User Stats

1,750
Posts
880
Votes
Matt Motil
  • Rental Property Investor
  • Cleveland, OH
880
Votes |
1,750
Posts
Matt Motil
  • Rental Property Investor
  • Cleveland, OH
Replied

Why don't your parents take out a HELOC and lend you the money at a profit. Win-win. They make money lending you the money you need and you get your funds.

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