First Time

Rehabbing, Fix and Flip, Rental Properties
1

My wife and I are actually working on deal that we thought we were going to wholesale. However, after looking at the property, we think we might want to cash flow it.

The property is in excellent condition it needs some repairs. It is a two family home that rents added together exceed $1200!! However, this is our first time never having landlorded and/or flipped or rehabbed a property. Its going for $6500. We don’t have cash. We may have a family member that can get us access to it but we aren’t holding our breath. Most of our family is strapped like we are. Would we do a hardmoney loan for the repairs and purchase?

2

In order for anyone here to be able to evaluate the deal, we need the purchase price, repair cost, and the gross rents.

Mike

3

Do you have any equity in your current home? Credit cards? Have you tried sites like propser.com? Hard money lenders can work as well but be prepared to pay 4 points and 18 percent (in my area), for the borrowed money and you will more than likely need to refinance again in a year. You will also need 80 percent LTV minumum.