Hello All,
I have been trying to obtain a propertty for sometime now, but i have been unsuccessful due to no funding 0 downpayment can anyone please advise me on how to go about this.
Property information:
Location -Philadelphia Pa
List PRice is 11,500
Property is owned by a hard money lender
Rehab is going to cost 50K to 60K
Please advise.
Aspiring Newbie :biggrin
That’s a whole lot of rehab cost for a first project. If you don’t have any money to put down, I’m assuming you don’t have money for the rehab either. Just buying a cheap property is not a good deal if you can’t finish it out. I suggest you get your finances in order first. Going into something like this can sink you financially if you do it wrong.
What is your credit like?
760+
What is your rehab experience? Are you handy or in the trades?
Furnishedowner
I am Very Very Handy.
Hello All,
I thought about and though about, and I have decided to put an offer of $5000 on the property and my max will go up too 6500 no more. Please if anyone thinks of an offer that I can submit and benefit me this would be greatly appreciated.
It’s not going to work…$11,500 is the bottom line… The Seller still has closing costs to pay for…I think the Buyer has to pay the Transfer tax…They are getting interest from other people.,…Let me know if you want it.
Any suggestions ?
What is the ARV?
$66,500 ARV
Hello all,
I replied to the agent about my offer, but the seller does not want to budge. I informed that the Market Value of the property is $9,600, and the property listed sale price in 2006 was $8,000 But the agent came back saying “this seller will go no lower then the 11,500 and does not want to pay the transfer tax,I talked to the agent,He said it has been sitting there a long time, He said the seller will go no lower,Let me know if you want to move forward”.
Please advise.
Hello Again,
I was thinking maybe to make the payments for a period of time and at some point down the road i could completely cash out the property?
Please advise.
$66,500 ARV
What are you basing your ARV value off of?
u said the ARV is $66,500 but u are buying it for $7k give or take a few dollars…and u said it needs 50k-60k worth of work?..Is there something I’m missing here?..
My plan was to purchase for 5k put in the 50 to 60k worth of repairs into the property.
I was going by the ARV formula, This is an example i got i do not know if i totally correct.
Repaired Value or Market Value or After Rehab Value $100k
(LESS)
Repairs $20k
After Repair Value $80k
Then it depends if I am using HARDMONEY, FLIPPING, REHABING, or WHOLESALEING???
At this point I would take 60% - 80%.
60%= $48k
70%= $56k
80%= $64k
Private money is your solution. Also do not fall in love with this deal, find 10 or more deals that are better than this one.
How long do you need the funds for? I have a few sources for short term transactional funding that you may want to look at.
i would to know more about the short term money you have .
i would to know more about the short term money you have .
Try visiting his website