Updated almost 6 years ago on . Most recent reply
How To Fund High End Home To Flip or Wholesale? Risky?
I may be able to acquire a very nice property in one of the most desirable locations in the SE. The home was built in 2004 and needs little to no work, it is simply facing foreclosure. After running the numbers, there is potential to get the home around $900K with an ARV of $1.4 million on the low end. It could be a great flip or even great for both wholesaler and flipper.
There is a slim chance of getting this financed, but would love to know if this may be a multiple partner deal? Also, even if funded, there exists the possibility of the home sitting unsold.
If anyone has experience with the higher end homes and the best way to go about this one, I would be very grateful for the input!
@Will Barnard is the best at these deals and does amazing work. Perhaps he will have some insight?
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#2 Land & New Construction Contributor
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@Wade Haldeman I have done hundreds of multi million dollar homes, spec, flip and custom.
You didn’t mention how much it will cost to get to a value of $1.4 that’s a big factor in profitability, funding and determining whether to flip or wholesale.
Definitely do your homework on the market as most areas in the SE are a little soft over $1 million right now but that’s market and location specific.