I live in San Diego…I am considering purchasing a fixer and then reselling. I would like the opinion of some of the more experienced in here to get feedback.
I have no cash but great credit
Details: 1900 sq ft-comps around 490+
Price 375-390k
Rehab approx. 25k
Agent gets 6% of sales price
Closing approx. 9% of sale price
Is this doable? Might be my first deal. Any ideas?
thanks,
dave
Consider something else.
If you are going to have to use hard money figure in the points and monthly cost for 3-6 months. Hard money lenders will probably only do 60-65% and they want you to put up the difference in cash up front.
The goal is to make 20% of the sales price after all holding, fix up, acquisition and repiar costs.
How to make it work. Have the seller owner finance for you with no payments until sold. Use your good credit to borrow on credit card or credit line the fix up costs. If he won’t do it he just bought it back. Wait until he will or find the next one.
thanks for the heads up…i also misstated the closing costs…
agent fee is wrapped into the closing fees…duh!!!..
dave