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Updated over 9 years ago,
New Contract, Can't get lender
Hello All,
I just contracted a property in the Petworth Neighborhood of Washington DC. I am a newbie to this with a night job. I don't have my own cash nor do I have the credit. I am having a hard time getting a lender to complete the purchase and flip. I was able to negotiate the price of the house to $350.000.00 and have two contractors giving me quotes at $100.000.00 and $105.000.00. I am scheduled to meet with another contractor on Friday for a final cost of rehab.
I have yet to get any insurance or schedule any other professional work towards the flip. I need help. I am looking for an investor with the funds to go in on this flip at 50-50.
After repair values are in the range of $550.000.00 and up. I am hoping to add an additional room to also add the value.
This is a great deal. Is there anyone interested in helping make my dream come true?
Kwame