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Creative Real Estate Financing
Account Closed
  • Investor
  • Columbus, OH
18
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24
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Financing Advice for First (non live-in) Fix & Flip

Account Closed
  • Investor
  • Columbus, OH
Posted Oct 30 2020, 13:36

Hey all! I have the following potential deal on a fix & flip and curious if anyone has advice to creatively finance the deal: SUGGESTIONS WELCOME!!! 

Asking Price: $269k 

Renovation: $80k (added about 10%-15% onto my original numbers for emergency) 

ARV: $395k

Working with a hard money lender to potentially get 90% of purchase price and 100% of the renovation covered, but I need a plan B if they say I don't have an established enough portfolio to lend. I have about $17k in cash I can put down whether that's through hard money or a construction loan. Unfortunately can't do FHA 203k as I'm already living in my primary residence as a live in flip. I could partner up with a friend for more cash for the downpayment, but selfishly would like to keep it an individual deal for a few reasons.

Any other suggestions out there on how I could creatively finance this in my budget? Also willing to take any feedback (harsh or not!) on thoughts on the deal numbers. 

Thanks in advance! 

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