First Deal Under Contract

[David Hisaw]

I have my first deal under contract! It's a fix n flip property that has been vacant for 30 years. It's currently a 4 plex, however the zoning in the area has been re-zoned single family and since it has been vacant it must now be converted. I have it under contract for $38,000 and it needs about $35,000 by estimation from my GC. ARV is $160,000. I will be walking through with him and the inspector on Wednesday to get a solid estimate.

Here's the sticky, stress producing side of it all. I only had 2 days to provide proof of funds, as there was another offer on the table for a few thousand less. Not a problem, it has quite a bit of meat in the deal, I should be able to get funded on this one... but 2 days is too risky for one local HML and the population is too rural for another HML. Time for some good ole CREATIVITY!

What to do? Well having rock solid credit, I decided to leverage what I have and cash advance my credit cards, and prior to that apply for a couple more. I have more than enough to come up with the purchase, but my dilemma now is coming up with money to do the flip. Hopefully, the inspection goes well and I will own a property that a HML will be comfortable with. There is a lot on the line here, but I have faith in this deal and I believe it will work out!