All Forum Posts by: Nicolas Redhead

Thanks everyone for the responses. It was a rough process but we were actually able to find another buyer who had financing lined up. It took us 2 months to buy and resell, but we were able to get it done. Thanks for all the gems and insight, I appreciate it

Hi,

I am working on my first deal, the idea was to get the property under contract and do a back to back close with an end buyer who could handle the repairs. We got the property under contract for 57.5k and we are trying to sell it to the end buyer for 75k. The ARV is 185k, it would need about 45k in repairs. We found a buyer who was willing to handle the project, a couple who have a few rentals under their belt, good credit, and rehab experience. Unfortunately, the buyer may have fell for a scam from a fraudulent hard money lender who promised to fund the deal 100%, and now is not coming through with the funds. We have invested heavily into this buyer, and are now in the position to do anything we can to make it happen with them. The seller and title are getting anxious because of the uncertainty. We close at the end of the month and are currently looking for a lender who is willing to fund their side of the deal. The buyers are in a good position credit wise and the deal has a lot of equity, we just need the right lender involved who can make it work by the time we close. Any advise on how to proceed? Or leads to explore? Thank you in advance for the guidence.

Nick

@Kyle Smith Thanks! I appreciate the help and will keep exploring the site and resources it can provide.

Have either of you got confirmation? I saw his profile on linkden and am curious if he is legit

Hello,

How do you get rough estimates on repairs of a property? I know there are light, medium, and heavy figures that you can multiply by the square footage to get a ball park number. Just curious to see how others get their figures before bringing in contractors.

Thanks, Nick