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Updated over 9 years ago,
Needing input
I have a property under contract and have an HML ready to go but I don't have the additional $10,000 for closing. The numbers for the deal are as follows:
House is a 100 year-old 2-story on a large half-acre lot. Needs a full gut with all new electric, HVAC, windows, roof, etc.
ARV: $135,000 (could be as high as $150,000. Getting this verified.)
Contractor's written estimate for repairs: $70,000
Purchase price: $13,500
Other costs (closing, appraisal from HML, etc.): $10,000
What I'm wanting to know is...does it look like there's enough meat on the bone for me to wholesale it at around $22,000 or should I bust my tail to find a financial partner on the deal and do the rehab (which I would prefer...just not sure where to get a partner).