What can i do to fund a deal when my financing has fallen through

Question

Hey Everyone,

My  Wife and i are newbies at the real estate game and have flipped 1 house  in the NJ market  and also wanted to buy and hold in the sub 30k market  of Baltimore.

Unfortunately  we trusted the wrong people to get us funded on a 3 property deal that  fell through and now have all our money tied up in litigation trying to  get it back.

We are currently working our last deal. A single family house in the Baltimore area (21215) asking was 150K but we got it for 115K with about 50K worth of reno needing to be  done. total investment of $165k.  the ARV is $280k. the broker who was  shopping our funding fell through on this as well and I'm trying  everything to get it funded. I'm looking for someone to partner with who  knows the Baltimore market and who knows that this would be a good  investment for some extra cash flow. So we can fund and renovate the  property. We are going to hold the property and refi out in 8 to 12  months. the deal will generate a cash  flow $200.00 per month for 12 months and $10,000.00 at refi time please.

Any help or advise will be greatly appreciated. We are scheduled to close on Nov 10th. Thank You

Jean-Frank Dorvil

Account Closed · Answer

Sorry I can't help here but I would love to hear how it worked out, I wish you the best of luck!

Jean-Frank Dorvil · Answer

Hey Zach,

Well we were going to go with a transactional funding structure for the deal and where getting an extension on closing and giving the Seller another $1000.00 in earnest money that would be non refundable should the deal go south  but the broker i had working the who assured me he could get the deal funded told me he was going on vacation and would pass the deal to another broker who could possibly get it done by mid January.

The seller would not go for the length of the extension and I did not like the whole last minute pass off to a new guy so i pulled the plug On it and will regroup and save up and attack it again early Feb 2017.

Thanks