Flipper/Rehabber · Gurnee, IL · Member since 2014 · 46 posts · 19 votes
I am trying to close on my first SFR to rehab and flip it. I have quotes from multiple contractors for all the work so I can put together a relatively accurate statement of work and budget. The work includes demo and build new garage, electrical, plumbing, new kitchen, new full bath, new roof and a list of other small projects.
The hard money lender I was working with was bought by another company and my loan has been put on hold for over 3 weeks. I don't believe the seller (this is an REO purchased through hubzu.com) will wait that long because we've extended the closing date a few times already. Not to mention I may lose some contractors to other jobs.
I repeat, this is my first flip. I have very good credit (780+). I can put down 25%. The loan should include purchase and rehab cost. I'm looking for 12% or less interest and plan to hold the property for no more than 9 months. Please contact me if you can close in less than 2 weeks.