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Updated over 10 years ago on . Most recent reply

In my First flip and need some help
Most Popular Reply

I assume the HML has first lien position on the property. Which means a couple things:
1. You have no cash of your own in the deal (i.e., no skin in the game);
2. Any additional lenders will have to take a subordinate lien position.
That's not a very good position to be negotiating for more money. Which means you're either going to have to find someone who WANTS to help you (friends/family) or offer someone a very good deal for helping you (equity partner, most likely).
Do you have friends and family who can help?
If not, are you willing to give up 50% of your equity for the $30K in rehab money? That's likely what you'd need to do in this situation given the numbers on the deal...