Rental Property Investor · San Diego, CA · Member since 2018 · 5 posts · 1 vote
Hello all,
I’m looking to invest in a flip with around 110k profits(no financing). I’ve done the calculators multiple times with multiple scenarios to figure if this is actually a great deal.Im looking for a partner to help with the carry costs while the rehab is going on. I will be putting in an offer tomorrow and secure funds during my waiting period. This is my first flip opportunity and am also trying to figure out the next steps I need to take in order to make this deal happen.
Developer · Charlottesville, VA · Member since 2018 · 4k+ posts · 4k+ votes
7y
Collin,
You should run the numbers and consider doing a wholesale on this. By the time you get done paying for Hard money and another investor/partner you might make just as much wholesaling as you will doing the deal but in a fraction of the time. Especially if the property is out of state.
Rental Property Investor · San Diego, CA · Member since 2018 · 5 posts · 1 vote
7y
@Greg Dickerson Hi Greg, thank you for reaching out. It is bank opened so getting it wholesaled would be tough. I did find hard money lenders based off the deal. After wrapping all fees etc. would be looking around 45k profits. Monthly interest at 1300 a month for 9 months no prepayment penalty post 6 months. I have a contractor that’s solid based on referrals from out of state investors like myself.
Lender · Chicago, IL · Member since 2016 · 653 posts · 313 votes
7y
No prepayment ONLY after 6 months?!! I would not go with that lender.. so you have have prepayment penalty if you try to give them back their money early...It sounds like you have a good deal, do you have a good contracting team? If not, you will be in for a good amount of learning during this first one!