Short Term Funding (6 months) $25,000 Will Pay 14% Interest

[Richard Anderson]

My REI team has purchased a property for $295,000 it needs $49,000 in renovation and it will sell for $345K . We have a loan from a HML to cover 85% of PP and reno costs. We put down $10,000. The $25,000 is to cover the 15% and a carrying costs. Renovation is expected to be complete in 90 days. I am a realtor. We have independently done several projects over the years and have joined as a team with the intention of doing 4 rehabs in 2017 and then commercial investments. Thanks for taking the time to read.

[Account Closed]

Please excuse my ignorance, but based upon your numbers you will lose 8k under the best of circumstances. I never was good at math in school.