Ok…so I can find great deals (I actually may have one right at this moment) but the one problem that I have is that I have no way to fund the flip. I can’t use a HML because most either don’t fund such small transactions, or if they do they put the repair money into escrow and I end up having to use money that I don’t have in order to get reimbursed with the hard money.
I have a potential deal that I found (still needs inspected and all) but it looks like its worth about $116-118K and listed for $12K… I will do more research on the property and find out if it is gold!
12k and you can sell for 110k ??? how much rehab will this place need and have you done a deal yet ??
Well, like I said…I have not gone through the trouble of getting an inspection because I have no way to fund right now, but from what I can see, it needs just about everything. The house is pretty much gutted.
acrab004,
Please read the forum rules before you post again.
What you have at this point is …well…nothing. You have a gutted house that is being sold for basically the land value. Without knowing accurate numbers, there isn’t anything here but a big question mark.
Is the house structurally sound? Is it condemned? Does it need to be torn down? What would the rehab cost be? What neighborhood is it in? Is it in the Ghetto? Lots of questions, but few answers.
Houses can actually be worth LESS than the land value if they need too much of a rehab or need to be torn down.
If you’re going to be a serious real estate investor, you need excellent credit and some money. My suggestion would be to work 2 or 3 jobs until your credit is excellent and you have some money. Then, you can do these deals and keep all the profits for yourself.
Good Luck,
Mike
Two things:
How is the foundation? What areas of the house need rehab?
Columbus is seeing an a population decline, so i’ld be very curious to know what area you’re talking about.
Except for Dublin the rest are so so.