My business partner and I are looking for preferably private money but would not be opposed to hard money. The problem is the hard money here in FLorida seems to either be gone, or they want tons of docs as a bank would. I cannot find ANY money that is based solely on the deal.
Here’s what our deals are looking like.
I have a house I can buy with a conservative ARV of 139K. Acquisition cost of $71K. My contractor with over 17 years rehab experience says it will take 24K to repair. Holding costs etc at 10,500…average time on market of houses under 220K here is 60-70 days. My partner is a mortgage broker for new buyers, can get great programs to help get the buyer in. Will take 3-5 weeks to complete.
We actively look for 50% or less of ARV, unless there is no real repairs needed.
If anyone feels they can help us with deals like this please let me know.