Yet another BRRR deal I hope works
I have a friend as my hard money lender, $26k to purchase and I'll pay for both closing, and repairs out of pocket. I've talked to a local bank that will make 30 year loans on anything over $25K, so I'll hoping to pull out $40k pay him back and get my two closing clost $3k + $3k + 10 repair back out, plus he wants a flat fee of 5% on the money borrowed (26k). And when the dust settles I have some cash flow from the renter. I'm going to do must of the repairs myself, paint inside/outside, repaint kitchen and bath cabinets and some new lights. I know I need to get my agent to pull some comps for me, but the bank also stated they didn't need a appraisal they would go off the county website / CAD amount. I'm hoping I only need to season the property for 6 months. What else do I need to know about, I'm sure I've made a mistake.
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