First Reno & Flip Project - Advice
I'm going back and forth on the numbers for this deal but because I need to bring in a partner to have enough liquid capital to complete the purchase. I would love it if a seasoned investor could look at the numbers I have to see if I'm on target. Purchase price is $141K. ARV is minimum $280K for the area. I have a short term hard $ loan for 75% LTV for the loan with $45K for the renovation.
PP: $141K | Rehab Costs: $45K | Financing Cost (Interest Only): $14,500
Total Expenses: $199K
ARV: $280K
After closing and paying back my partner with 25% interest, I would have about $40K left over from the deal.