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Updated about 5 years ago,

User Stats

10
Posts
4
Votes
Donna Sipes
  • New to Real Estate
  • Indiana
4
Votes |
10
Posts

Accepted Offer and funding fell through

Donna Sipes
  • New to Real Estate
  • Indiana
Posted

We are a new investment company in Indiana. We are doing fix and flips as well as buy and holds as rental properties. We found a local deal by us that was really to good to pass up. It consists of a main home with a second home (originally was in laws quarters). 2 homes for the price of 1 basically. They were asking 80k and we offered 74,500 and they accepted it. We had funding set up with a lending company and was already pre-approved. Currently the second structure, the "in laws quarters" is occupied with a long time renter and paying 750.00 a month. The main home needs fully renovated and once complete will rent for 1000.00 a month. 

After we got the accepted offer, we contacted the lending company, sent them all required paperwork, and then they hit us with terms they failed to tell us about in the beginning when we went over terms. Due to what they are not wanting to charge, we are unable to move forward with this company. 

I have been looking into so many different types of funding now because I don't want to lose this deal. I don't know what to do. 

I am also researching Angel Investors, Crowdfunding and anything else I can come up with through Google for investors. I have been researching how to put a Pitch Deck together for Real Estate Investing for several days now and still have not been able to figure it out completely. I did get our Business Plan put together, so there is that I guess. 

Any help will be greatly accepted, and appreciated. 

Thank you in advance, Donna

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