Partner needed - $190k for SFR worth over $300k ARV
I have a property I can get under contract at a good discount for a fixer upper, primarily cosmetic upgrades should be needed, some basic plumbing. The seller is very motivated after having inherited the property from a relative who has passed. The person selling is my mother, and I tried to push her to get to sell at a higher price/fix it up to sell it for more, but she is insisting that she sells as quick as possible, before property taxes are due. She knows I want to invest and okay if I purchase at a low price. So far she has an offer from somebody at about $183,000, so I would like to come in at $185,000 purchase price.
I am looking for a partner who can put in the full $185,000 purchase price plus repairs. I don't know all the repairs that are needed, but at least the carpets and paint is old, and the upstairs bathroom might not work. The frame of the house and most electrical/plumbing, etc. should be fine, but again, I haven't done an inspection yet. Based on rough estimates, the house should be worth over $300,000 ARV, potentially over $330,000. We can do a flip, but if possible, it would be nice to rent out the property.
We can do a 50/50 split in the profits/equity/cashflow.
Contact me ASAP so we can get this great deal from my mom, who says I have less than a month to put something together or she'll sell to the person who already has an offer on the property.