Sweet Deal in New Jersey that is too small for hard money
7 Replies
Tosin Oduwole
from Orange, New Jersey
posted over 3 years ago
I have a residential fix and flip deal at a great margin. I put down the deposit but need a hard money loan to close. Buying property at 21k and need 20k in reno. ARV is $90,000. are there any Crowdfunding sites that would allow me to list this deal? And also are there any hard money lenders that work with deals this small. There is a $50,000 profit potential for a two week reno job! It's a great deal just too small for the bigger lenders to deal with. Any suggestions on what I should do next?
Kenneth B.
from Chester, New Jersey
replied over 3 years ago
Welcome to the site @Tosin Oduwole . Do you have enough to purchase but need the funds to rehab? What part of NJ is this in?
Tosin Oduwole
from Orange, New Jersey
replied over 3 years ago
I have ten percent of the purchase price and need the funds to close and renovate. @kenneth
Tosin Oduwole
from Orange, New Jersey
replied over 3 years ago
Originally posted by @Kenneth B. :
Welcome to the site @Tosin Oduwole. Do you have enough to purchase but need the funds to rehab? What part of NJ is this in?
I have ten percent of the purchase price and need the funds to close and renovate. @kenneth
Tosin Oduwole
from Orange, New Jersey
replied over 3 years ago
Originally posted by @Kenneth B. :
Welcome to the site @Tosin Oduwole. Do you have enough to purchase but need the funds to rehab? What part of NJ is this in?
It's 11 tichenor terrace Irvington NJ
Lanre Animashaun
Investor from South Orange, New Jersey
replied over 3 years ago
That's my local area, how did you come up with your numbers? What type of property and how solid are your comps and repair estimates. If those numbers are right I can help put you in touch with right money source., but I doubt they are. Feel free to email me more information
Tosin Oduwole
from Orange, New Jersey
replied over 3 years ago
what's your email ?
Daniel Kelly
from Chicago, Illinois
replied over 3 years ago
Originally posted by @Tosin Oduwole :I have a residential fix and flip deal at a great margin. I put down the deposit but need a hard money loan to close. Buying property at 21k and need 20k in reno. ARV is $90,000. are there any Crowdfunding sites that would allow me to list this deal? And also are there any hard money lenders that work with deals this small. There is a $50,000 profit potential for a two week reno job! It's a great deal just too small for the bigger lenders to deal with. Any suggestions on what I should do next?
Patch of Land specializes in residential fix and flips - I would definitely inquire with them.
Create Lasting Wealth Through Real Estate
Join the millions of people achieving financial freedom through the power of real estate investing