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Updated over 7 years ago on . Most recent reply

Jorge Ibarra's profile image
Jorge Ibarra's profile image
Jorge Ibarra
  • from Durham, NC
  • Member since Oct 23, 2017
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Jorge Ibarra's profile image
Jorge Ibarra's profile image
Jorge Ibarra
  • from Durham, NC
  • Member since Oct 23, 2017
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Jorge Ibarra
  • Durham, NC
1
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29
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Rehabbing & House Flipping

How Hard money lenders work

Jorge Ibarra
  • Durham, NC
Posted

Hello BP, need of some help. I'm looking at a deal to do my first flip, the numbers are good. The property I can across is 58,000 and 50k in repairs and the ARV is around 150k from what I saw on Craigslist. I looked at some hard money lenders. So my partner got pre qualify for 77k with 21k down. My question is do we owe them 56k or the 77k plus the interest? I Appreciate the feedback

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