Sweet Deal in New Jersey that is too small for hard money
7 Replies
Tosin Oduwole from Orange, New Jersey
posted almost 3 years agoI 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 almost 3 years agoWelcome 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 almost 3 years agoI have ten percent of the purchase price and need the funds to close and renovate. @kenneth
Tosin Oduwole from Orange, New Jersey
replied almost 3 years agoOriginally 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 almost 3 years agoOriginally 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 almost 3 years agoThat'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 almost 3 years agowhat's your email ?
Daniel Kelly from Chicago, Illinois
replied almost 3 years agoOriginally 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.
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