Advice on Milwaukee BRRRR and hard money loan

[Andrew Fosticz]

New investor looking to purchase a property in the Graceland area in Milwaukee - seeking advice on BRRRR strategy and hard money loan.

I have negotiated a selling price of $94k on a 3 bed, 1 bath home that needs a new roof, bathroom and kitchen updates and interior paint throughout. Water heater, furnace, and A/C unit all currently work, but are between 15 and 20 years old.

I have approximately $50k available in cash to fund this deal, however, I am interested in a hard money loan. Given the roof, bathroom, and kitchen updates, I'm assuming I will need between $20 and $30k for updates immediately. ARV should be around $150k.

I am seeking advice on how to proceed, if I should proceed with this deal, and possible partnerships to learn along the way.

[Jason Shackleton]

Hey @Andrew Fosticz congrats on landing that deal. You are going to want to move fast at this point to ensure you can get any type of mortgage originated before closing. Preferably you already have a private/hard money lender lined up and a general idea of what you are approved for etc. Some private money lenders even offer a type of pre approval so that you know what you qualify for prior to shoping for deals.

That being said you are now going to want to look for a private/hard money lender that lends on ARV and can meet your low loan amount requirement. You are going to want to get private loan quotes asap.I know of a lender that meets your current needs.

Good luck 

Jason