How to fund this deal

[Chris Slater]

Okay, so I need help in trying to figure out how I can find my first deal. I’ve been stuck at the finance part of this whole process. I’m an Agent with an investor mentality just haven’t taken the plunge yet, primarily trying to get my financials in order a bit before I do. However, I found a deal I really want, it’s a modular on 2 acres and a pole barn, mostly cosmetic uplift and roof. The location is sooo good for this! Details below:

Purchase price - 70k

Rehab cost - 30k

ARV - $140k

Side notes: not a huge profit potential but I would love to just get my feet with this one as I’m very confident in my numbers and the location being a Realtor here I understand this market.

Any suggestions on funding this deal ?

My credit score is not very good. 640

I have 10k in available funds and some in my SEP IRA and credit cards.

[Trent Stone]

The absolute best education is experience, and this deal looks pretty low risk. On paper the numbers look good, if you are confident in your projections then find some hard money and PULL THE TRIGGER. $100k is easy to find if your numbers work. I think it was Ken McElroy who said, "There is a lot more money than deals". Make sure you factor in your financing costs and holding costs (how long will it sit on the market before you get a buyer?). I'm rooting for you, keep us posted!!