Financing a Flip- Where to turn?
Hi Everyone! So long story short there is a property that I found that is available and being sold "As-IS". The explination I got was the owner is older and doesn't want to do any repairs, so any work would fall on the buyer. Right now it is listed for $165K. My guess is I could get it down a little more to around $140-$150k. It would probably need $60k in renovations and that's just a guess right now but the AVR of the property (going off comps that are listed and sold in recent months) is roughly around $250-$280k.
So my question is where does one start with trying to raise funds. Do you go to a HML, Private, etc.?
I have a good paying job for straight out of college $55K.
I have no debt to account for anymore.
My only expense right now is Gas as I live with my parents to save money.
My credit score is 760+
Where should I look at and if anyone has any recommendations for the Chicagoland area lending wise that would be great.
Thanks everyone!