3 lot deal. Need Capital. 1 home + 2 new contruction homes.
I am a wholesaler in Portland OR and I have a nice purchase of a $375 home on a large lot under contract for $265k. Can be easily partitioned to 3 total lots.
Would consider assigning the deal for $95k. Potential total profit $500K. This includes pulling out 2 lots, building 2 homes, and rehabbing existing home.
I would like to keep and do this project on my own if I can find the right cash partner and I do not assign deal.
Phase 1:
Purchase the home, rehab, partition lots, then refinance the home for a rental. Purchase $265k plus $60k rehab. ARV $425k plus 2 lots Free and Clear.
NEED: $325k for purchase, rehab and partition.
Sell Home and pay off investor.
Phase 2.
Build 2 new homes on the lots. Use free and clear lots as collateral to build two homes.
NEED: $350k for the build of House #1. Will sell and cash out investor within 18 months then start home #2.
Will pay 10% plus 3 points on loan. Cash out in 18 months on phase one rehab and partition. Cash out on new construction phase 2 in 18 months.
Anyone interested, please email me [email protected].