Real Estate Investor · Lexington KY · Member since 2016 · 25 posts · 3 votes
Hi I am looking for a good fit for financing a renovation & re-sell (flip) a single family home three doors from the Country Club in Shelby, NC.
The purchase price is $107,000 and is under contract.
The tax value and Zestimate of the property are $165,000 and $208,010, I will receive the comps today.
Respectively, the house is in excellent structural condition with newer plumbing, electrical work, hvac, roof, and hot water heater. The house has been vacant for some time and is in need of full make over.
The yard was once a showplace, but is in a neglected state as typified in reo properties. Renovation needs for the house and yard total approximately $25,000-$30,000.
We want to do this deal with little to no money down as possible, It will be our first time flipping and first time using private lender/hard money.
Please serious response only, Deal proposal is ready to rock and roll and will forward upon contact.
Hi Nathan the formula given does not fit exactly.
I plan on using my immediate equity as leverage.
If you could do 65-70% LTV we could move forward.
Thank you and all the best for the new year.
Timothy
@Timothy Howell - if your credit is 680+, you can show some liquidity to carry the note/miscellaneous, and you are prepared to go FULL DOC, then we an offer:
100% financing, inclusive of Purchase, Rehab, and soft costs. and up to 70% of ARV.
This is NOT cheap pricing, by any means. Since the lender is taking all of the risk, without any money down, the pricing is high.