Need Funds For 2 Flips That I Put Offers In for. Need POF Monday.
So, I found two rehabs that will be profitable and I put offers in for each yesterday because I did not to lose out on the deals (there is a lot of interest on these from other investors). However, mostly due to lack of experience, I have not been unable to get approved for rehab loans by any lenders in my area. So, now I am turning to private and hard money lenders. All are welcome to PM me and I am also asking for any advice or recommendations for private or hard money lenders that may be interested in funding me on these properties.
I have been informed that I need to have proof of funds by Monday for the VA to even look at my offers. If they get a full price offer or a better off WITH proof of funds, then I will lose out on the deal, so I needs someone who is willing to hustle and get this done ASAP.
Deal 1
Full Price Offer: $45k
Rehab Costs: $17k (confirmed by contractor. Someone started the upgrades and never finished)
ARV: $106k
Potential Profit: 20k ish
https://www.biggerpockets.com/calculators/shared/5...
Deal 2
Low Ball Offer: $38k
MAO: $42k
Rehab Costs: 25k (confirmed by contractor)
Potential Profit: 20k ish
https://www.biggerpockets.com/calculators/shared/5...
I have been conservative on my numbers for both properties, under estimated ARV and overestimating rehab costs. Most similar flips (3 bed, 2 bath, 1000-1500 sf) have been selling for 110-115k in 6 months, but I want mine sold in 4, so I am going to sell at the price they comp out for. I also budgeted in 20k for profit so that if there is an oops, I can still make a good profit in the end.