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Updated over 9 years ago, 05/04/2015
Do I find funding or the deal first?
Hello all,
I am new to real estate but I found three properties on the MLS over the weekend that I believe would be great for rehabbing; however, I have never done a rehab before. I am not sure what to do next. Should I try to find a hard money lender before I view the properties in person and decide if they are truly great deals? Should I try to bring a contractor with me to estimate costs? Should I try to find a partner after securing the deal?
Based on the photos the rehab doesn't seem too costly, rough estimate between $20K - $50K for all three (reminder I have no experience in estimating costs), but I know it doesn't beat viewing the property in person. I am scheduled to tour these properties this upcoming weekend. The details of each are below:
Property details:
Property 1:
Purchase: $70,000 and $14,000 condo lien
ARV: $140,000
Property 2:
Purchase: $55,000
ARV: $115,000
Property 3:
Purchase: $45,000
ARV: $180,000
Any advice is greatly appreciated. Also, any referrals to experienced rehabbers in Baltimore or DC is greatly appreciated.