Investor · Advance, NC · Member since 2017 · 20 posts · 0 votes
Good morning everyone, this is my first ad in the marketplace. I have just joined recently. I currently have a sfr under contract in Winston-Salem, NC. I am starting to get nervous due to the fact I can't find someone to loan me money for the purchase. I have tried for weeks to no avail. If I can't find financing, I will be forced to assign the contract to anyone that's interested. The purchase price is 42k. The rehab is going to be around 12-15k with me doing most of the work. The current comps are approx 70k in the area. However if I put a tenant/buyer in there, I will raise the purchase price slightly. Is anyone interested in helping me do my first fix/flip? I'm not a complete newbie, I have had rentals in the past (3) back in 2000-2006.
I just sent you a message. I apoligize until I figure all this out with the threads, posting and everything else I will be struggling a bit. Well with a purchase price of 42k and a sale price of 70k not a decent deal?
This would even be a tough wholesale to be honest, the numbers are tight. The 42k plus the 15k repairs puts you at 80% of the ARV which is high and that is not taking into consideration closing costs holding costs appraisal and other fees.
Hey Reggie, I'm so sorry for the late response, but I currently work full time job and am very busy! I am losing hope fast on this deal, the closing date has came and went, but the owner has extended it with no date. I'm currently trying to assign it, and I've had a little interest. I've been playing phone tag with the person. She has told me she has buyers!
@Jorge Gutierrez. Also Jorge the property will appraise for over 200k with comps to back that up. In addition to that the rehab is a guesstimate on the high side rt now