Posted by James Harris on June 11, 2007 at 20:36:22:
Andrew, at the numbers you’ve posted, is the profit margin something you can live with. I would offer $58k. Add 45k for repairs( an extra 5k for contingenies, I hope I spelled that right). Best way to get the money is to obtain a hard money loan then cash out when project is complete. You can either sell quick using a lease option or a normal sell.
Financing a Flip with little Cash - Posted by Andrew
Posted by Andrew on June 11, 2007 at 18:26:07:
I just went under contract on my first property that I am going to flip. I can obtain financing for the $68,500 to purchase the property with out a problem, but I don’t know the best way to get the money to do the repairs. I est. the repairs will cost $40,000. When the property is complete it should sell for $140-$150K. Thanks for any help.