Looking to find JV partner for fix-and-flip deal

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Looking to find JV partner for fix-and-flip deal

Jon Haney
Investor · Radford, VA · Member since 2021 · 25 posts · 3 votes

Hey BP community,

I've got a deal under my belt that I'm looking to bring a JV partner into, and I wanted to share the numbers here to see if anyone is interested or has experience in the New River Valley / Southwest Virginia market.

The Property: 1303 Hopkins Dr, Pulaski, VA 24301

https://www.zillow.com/homedetails/1303-Hopkins-Dr-Pulaski-V...

A 2,424 sq ft, 3-bed/2.5-bath brick ranch in the Macgill Woods subdivision, which is widely considered one of the more desirable established neighborhoods in Pulaski. Solid brick exterior, attached 2-car garage, 0.56-acre lot, partially finished basement with a second kitchen, and a heat pump HVAC already in place. Built in 1972. Estimated at a mid-level rehab.

The numbers (quick version):

• Asking price: $110,000 (listed at $45/sq ft — well below the county's assessed value of $177,800)

• Contractor preliminary quote: $40,000–$55,000 (contractor hasn't walked it yet, so I'm budgeting closer to $75K)

• Expected ARV: $270,000–$280,000 based on recent comps in the neighborhood

• The most direct comp — 1513 Overton Dr, same neighborhood, same era, same style — sold for $190,000 in May 2026 in as-is/lightly updated condition

• Fully updated comps in the area are hitting $120–$135/sq ft, which puts a renovated version of this property in the $275K–$325K range

• Projected net profit (expected scenario): ~$80,000 after all buying costs, selling costs, carrying costs, and financing

Since this is my first deal, I'm planning to split the deal 60/40 with my JV partner taking 60%. Looking forward to connecting!

Jon

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  • Reginald TrussPro Member
    Lender · Toledo, OH · Member since 2015 · 1k+ posts · 96 votes
    4mo

    Hi Jon,

    Thanks for sharing the opportunity. The numbers are interesting, especially given the purchase price and potential upside.

    I work with investors nationwide and may be able to help connect you with capital sources or JV partners depending on the structure.

    A few questions:

    • Is the property currently under contract?
    • Are you working with any other lenders or JV partners?
    • Do you have a contractor walk-through and detailed rehab budget yet?
    • What renovated comps support the $270K–$280K ARV?
    • How much capital are you contributing to the project?
    • Are you seeking equity only, debt financing, or a combination of both?

    If you have an executive summary or deal package, I'd be happy to take a look.

    Regards,

    Reginald "Loan Father" Truss
    Business & Real Estate Funding Solutions
    [email protected]

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    • Jon Haney
      OP
      Investor · Radford, VA · Member since 2021 · 25 posts · 3 votes
      4mo
      Quote from @Reginald Truss:

      Hi Jon,

      Thanks for sharing the opportunity. The numbers are interesting, especially given the purchase price and potential upside.

      I work with investors nationwide and may be able to help connect you with capital sources or JV partners depending on the structure.

      A few questions:

      • Is the property currently under contract?
      • Are you working with any other lenders or JV partners?
      • Do you have a contractor walk-through and detailed rehab budget yet?
      • What renovated comps support the $270K–$280K ARV?
      • How much capital are you contributing to the project?
      • Are you seeking equity only, debt financing, or a combination of both?

      If you have an executive summary or deal package, I'd be happy to take a look.

      Regards,

      Reginald "Loan Father" Truss
      Business & Real Estate Funding Solutions
      [email protected]


      Hi Reginald, appreciate you reaching out and the thoughtful questions—happy to address each one directly.

      Is the property currently under contract? Not yet. It just hit the MLS on June 10th.

      Are you working with any other lenders or JV partners? I've had a few conversations since posting, but nothing is committed or exclusive at this point. I'm being intentional about finding the right partner rather than just the first one, so the door is open.

      Do you have a contractor walk-through and detailed rehab budget yet? My contractor gave me a preliminary all-in quote of $40,000 before seeing the property. That's a good starting point, but I'm budgeting much higher ($75,000) to account for what will undoubtedly surface. The formal walkthrough is the next step once I have a partner aligned and we're moving toward an offer.


      What renovated comps support the $270K–$280K ARV? The strongest comp is 1513 Overton Dr — same Macgill Woods neighborhood, same 1972 brick ranch style, sold for $190,000 in May 2026 in as-is/lightly updated condition. That's the floor. On the renovated side, 1429 Whitethorne St (4 bed/2 bath, 2,273 sq ft) sold for $290,000, and 1612 Claremont Ct (3 bed/2 bath, 1,560 sq ft, updated brick ranch) sold for $243,000 in March 2026. Applying a $115–$120/sq ft range to the subject's 2,424 sq ft puts the renovated ARV at $279,000–$291,000. I'm using $279,000 as my conservative working number.

      How much capital are you contributing to the project? I'm still working through the exact structure depending on the partner, though at this point I'm mainly open to contributing sweat equity and project management in lieu of the capital. 


      Are you seeking equity only, debt financing, or a combination of both? I'm open to both. If you're a lender, I'd be interested in hearing your terms on a fix-and-flip loan—the numbers work well even with hard money at 12% on a 6-month hold. If you're looking at an equity position, I'm open to that conversation too. What structure do you typically work with?

      Executive Summary / Deal Package: I do have a full written analysis on this property—comps, renovation breakdown, financial model across multiple scenarios, and risk factors. Happy to send it over via DM if you want. 

      Thanks,

      Jon

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  • Jon Haney
    OP
    Investor · Radford, VA · Member since 2021 · 25 posts · 3 votes
    4mo

    @Reginald Truss

    @Reginald TrussGot this message today from one lender (Jaken). Any chance you might have someone who could fund the estimated cash reserves? 

    _________

    Our team has reviewed your deal and would like to propose the following soft quote for your deal for the property located at:

    1303 Hopkins Drive , Pulaski, Virginia, 24141

    ==================
    Based on your submission, below is our preliminary quote:

    Loan Amount: 185,000
    Estimated LTC: 100%
    Estimated downpayment: $0
    LTV: 66.07%
    MAX LTV: 70%

    Rate: 12.49%
    Term: 9 months
    Prepayment Penalty: None

    Points: 4.5%
    Estimated Cash To Close: $10.727.42 (not including title, insurance and other third party fees)
    Estimated Reserves Required: $29,477

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