All Forum Posts by: Armen Zakarian

Hello All,

So, I have just come across a property which has great potential for a fix and flip. I have zero capital and therefore I am looking for a lender which can provide 100% LTV and 100% rehab cost. In speaking with lenders, I am getting the same response... They will not lend as I am new to fix and flips. I am open to both private and hard money lenders. Looking at the numbers this property has a potential for $100K + profit. The current owners are looking for a full cash offer and subject to inspection. They are not allowing anyone to see the property before. This doesn't concern me much as the purchase can be contingent upon inspection which can be done during the escrow process. If anyone may be interested in a joint venture please contact me. I am will to split profit in addition to paying a percentage on the loan amount.

Thanks,

Armen   

Jeannie Kenes I have a private investor in mind but haven't presented the opportunity to him just yet. I am open to other financing options and private lenders.

@Jeremy Brown Yes, I first applied the numbers to the flip calculator on BP.  It looked good on the BP flip calculator but didn't fit the 70% rule.  

Hello All,

I have come across a property in Los Angeles County, California.  I have been running the numbers and it seems to be pretty promising.  I was wondering if anyone would be willing to provide their opinion on this property and if it would seem to be a sound investment?  

The property is a Short Sale.

PP-$275K

ARV-$410K - $430K (most recent comp sold for $457K 2 weeks ago)

Estimated Rehab Cost - 60K (unable to walk the property until the offer is accepted) 

Holding Cost - $1200 Per Month (6 month estimated hold)

Buyers Closing Cost - 3%

Seller Closing Cost - 3%

Realtor Commission - 5%

I am looking to get the loan from a private investor and will be looking for the loan to cover purchase, rehab and holding cost.  

This is my first attempt at a purchase so any help would greatly be appreciated!

Thanks,

Armen 

Would anyone have any info or contact information in regards to ARV hard money lenders instead of LTV hard money lenders? I have read that there are hard money lenders who lend based on the ARV.

Welcome to the community and it's great to see another individual from Anaheim! BP is a game changer and has everything you will need. I am also somewhat new but please don't hesitate to reach out if you are in need of anything.

@Liana Alexander In order to utilize a business line of credit, wouldn't one need to have a business line of credit and a good running track record so they can receive the amount of loan needed?    

@David Dye My intentions with the property is to fix and flip. I am coming across good amount of properties within my area that have a good ROI.

Where on bigger pockets can I communicate and look for people who are looking invest their money in someone else's flip?

@Casey Fenner @Ron H. This is awesome!  I will see the both of you tomorrow!!