Should I do the deal ?

[Sharif Khalaileh]

So I’m new to the whole Real estate game. I have a Property that my parents donated to my wife and I, and the property is paid for but the house needs a whole new renovation. Like the whole nine yard. So I have a client that is a Contractor and is willing to do the whole job for 15% on top of the total Renovation cost which I will need $80k to fix. So I tried to go to the bank and take out a loan but they need to have the property fixed to have some value to it in order for me to get a loan. And the amount I show on my taxes doesn’t help either. So the contractor knows a hard money lender that is willing to help me fix the house for me so I can Qualify for the loan. The lender is gonna charge me 10% to use his money. So in total I will be asking the bank for a total of 100k. And my house will be worth from $170-$200k. And whatever left in Equity I can use to start in the Real state business. Use I do it ?