Hollis, NY · Member since 2015 · 10 posts · 2 votes
good day to you Members
I have only been researching the business of rehabbing up to now. But based on my background and experience my wife and I are in search of a home and based on the research we have done, we are thinking of looking for a fixer upper and seek hard money funds to renovate it to our liking.
We are hoping to have this completed by July. At the end of the project, we hope to organize a mortgage to own the home. This will be my first activity in rehabbing.
Does anyone see any problems with our plans, and do you have any advice so that I can get through with this plan without much problems. Any guidance will be appreciated
Hollis, NY · Member since 2015 · 10 posts · 2 votes
10y
We haven't formed a company as yet, although we intend too. We are looking for the first deal to be in New York. Thereafter we are hoping to invest in Maryland, God willing.
We are looking at single family homes purchase price around low, $ 150,000.00 to high $200,000.00, ARV at 350,000.00 to 450,000.00. In the first case we are looking at the repair cost and profit to be estimated at about $150,000.00 to $250,000.00. Since we are looking to repurchase the property for our own, our interest is not so much in profit on this deal.
This scenario will include me doing a lot of work alongside the contractor, based on my experience, allowing for savings to ensure the project is a financial success, meaning that the opportunity for success is enhanced and lenders are assured of their returns.