Need Private Money....Please!
I have been working a deal with my wife for a few months now and it finally looks like we are coming close to an agreement. The property is her Grandmother's who is currently in a nursing home. The agreed purchase price will be 90K. Sons who still live in property would like to close and be out of the property in 2 weeks.
The property:
Will need 40-50k in work( 50k being conservative ) Home is a 1950's Brick rambler 1750 sq ft. Newer windows installed about 4 years ago. Newer central air/furnace. I can email pdf of comps with solds in the 195 + range. Worst case scenario it sells for 170k in a multiple offer situation. The SLC market is extremely hot right now, especially in this price point.
I have looked into hard money lenders in the area but I am simply looking for better, more reasonable terms to work with ...I am also open to possible wholesaling for the right price. The numbers above are conservative...I expect a MUCH higher return than this. I have one flip under my belt and have also worked with many other investors in the past. My wife comes from a construction background and has many contacts within the industry to get the project completed within a short time frame, so we both have a pretty good idea on rehab folks and costs. I can put 5k cash up front and another 10k on the back end. Look forward to hearing from you!