Updated almost 11 years ago on . Most recent reply
Deal? If so I need help funding or options please!
I'm a newbie and this would be my first project outside of my personal house. Looking to flip this first if it doesn't sell id be willing to refi and hold as a rental.
House Location: UT (Im in california) I just took a trip to meet up with the realtor team I've been dealing with.
This house is a foreclosure (someone started to flip this and it foreclosed) All big ticket items are new.
Asking price $92,500 (I'd be offering $85,000 to start)
To finish the rehab: $10,000
Comps for the area are $120,000
Realtor is pretty confident He could sell for $130,000
I have enough equity in my current house to do the deal alone, just looking for other options, offers to do this without pulling money out of my house.
Thank you for everyones input ahead of time!
Josh
Most Popular Reply
Most on here would figure 70% ARV . If you can get the property for 74k and stick 10 into it your doing good. ( I went off of the 120k ARV , since that is what the comps are). If you get 130 for it then thats even better. You just want to be careful and not overprice it and scare a potential buyer away.