Interesting Situation and need advice

[Chris Waller]

I'll try and keep this as short as possible.

I am a Realtor in Georgia and Listed an "AS-IS" Investor owned property.  Here are the Specs:

Built in 1955, 3 beds 1 bath, 1155 sq ft on 3.2 Acres

Investor had it listed with me for 89k, had a few showings but no bites.  After 3 months, the investor and I spoke and came up with an unorthodox proposal.

He wants to take property off the market, partner with me, Fix and flip.

I've had my contractor up several times and have a finalize quote for rehab : $35,000

ARV=$160,000

Proposal:  I spend the 35k to rehab......We sell for $160k....

He takes 65k (off the top for the property), I recoup my 35k....we are at $110k, we split the other 50k.

Problem is....I don't have 35k in cash...I have 6k in capital.  How can/should I come up with the rest?  I have a 750 credit score and very little debt.  

My credit union doesn't do personal loans over 6k.  Any suggestions?  Thanks

[Chris T.]

If you have any liquid investment such as stocks, you could sell them. 

Some credit cards also offer cash advance checks but their interests are pretty high.

If you have a 401k or some kind of retirement vehicle, you might be able get a loan or transfer them to a self directed account.

You can check out those peer to peer lending websites.

Maybe if you introduce your wife to the investor and show her the potential profit, she might turn the other way. Throwing in a nice vacation or something she wants.

 If he's a successful investor, why don't you ask him for a personal loan as well?   

  But you really have to do your due diligence. I don't want you to get into trouble if this becomes a bad deal.

And obviously (to cover my behind), I'm not responsible for any of your actions or my suggestions. Good luck!