Looking for financing [purchase+rehab costs] for flip opportunity in Evansville, Indiana. Details are as follows:
- Price 275k
- Rehab 91k
- ARV 395k-410k
Location: 10616 Browning Road, Evansville, IN. 47725
Property is already under contract for purchase at the above strike price.
Rehab is quoted at 4 months for completion.
Highly sought after area.
Please contact me if you are interested in offering financing on this deal.
I may be able to assist. Need to understand your credit, experience and liquidity. I will PM you.
Hey William, I may be able to connect you with the lender I've used. One question though, based on your numbers, where is your profit coming from? Once you pay selling costs of 7-9% I'm not seeing any profit. If you have something creative you are doing, I'd love to learn more.
William, can you bring 20%+ down? That's the only way your LTV's are going to come close to make the numbers work.
80% of the purchase price going to be where you end up depending on your liquidity, experience and credit, but your numbers are extremely high, so you'll probably have to pare down your rehab numbers a bit. 91K is too high given the ARV.
PM me please.
I can do 90% on purchae and 100% on rehab, but I agree with the other comments on
profit on the project. If interested, please send me an email at [email protected]
Pardon the delayed reply. Thank you all for posting and messaging me. I am working diligently to speak with everyone in regards to this opportunity.
In regards to @Linda Coughlin @Stephanie P. @Derrick Powell observation of closing cost, the individual I am purchasing from is a realtor and is willing to wave commissions. Closing cost are minimal at the title company we are using do to high volume business as well.
Also, myself as well as the contractor who worked up the bid believe the house will end up being north of 410k. The repair estimate has a 15k cushion built in for emergency. House is about 40% complete under renovation now. Previous contractor just never showed back up one day or returned phone calls. Really it just needs pieced back together and put on market.
ok, Ineed a snap shot of your credit and a 1003
plus your other flix and flips or REO holdings
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