Flipping first property... Couple questions!
I am partnering with a mentor on a home flip but his expertise is more on the contracting side than the financing side so I figured this would be a better place to ask.
The home isn't on the Mls, it's not even technically for sale but my mentor knows the owner personally and has convinced them to sell us the property for a great price (about $55k below ARV). The home needs 25k renovations which will take 4 weeks, so we're looking at 30k to split for 4 weeks of work.
1. My wife is a realtor and we want to save on the realtor fees as much as possible. But, I also want the house to sell quickly and not sit on the market. So is it better to list via MLS for more eyes and payout the buyer fee/agency fee and keep her split to 0% or is there a way to even cut out buyer/agency commissions as well? Or should we just do FSBO and rely on word of mouth and other non MLS marketing?
2. Financing. Is conventional financing out of the question for a project that needs to move this quickly? I feel like by the time the loan closes we would have pushed back the process a whole month already. I don't have my own cash on hand for 100% of the purchase price. What other financing should I consider?
This is happening in Palos Hills Chicago area btw (for keyword alerts)