Need a finance partner for a deal in Mesa, Arizona
My partner and I found a "for sale by owner" deal in Mesa, Arizona. We toured the property and met with the homeowner. The property is in good shape and only needs a light renovation. My partner and I will manage the acquisition, renovation, and listing of the property. We are looking for a partner to finance all costs associated with this fix and flip. The profit will be split 50-50.
The property is being listed at $200,000. The estimated value of this property is $248,000. Many of the surrounding homes in the neighborhood are worth $230-290,000. There is a comparable home for sale one street away that is on the market for $295,000. While speaking with the homeowner we discovered the property has multiple offers on it, with $205,000 being the highest. We plan to offer $210,000. After touring and analyzing the property we project a rehab budget of $20,000. The purchase and sale closing costs are projected at $5,000. The projected holding costs are a worst case scenario coming in at $2,700. The projected ARV is $290,000. The financial investment needed is $237,700 with a projected profit of $52,300. Taking into account the 50-50 split that is an 11% COC.
We're eager investors ready to do whatever it takes. We look forward to hearing from you.