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Updated almost 9 years ago,
What will a hml require for this fixnflip
Ill try to keep this simple. I own 7 sfr outright and currently have minimal cash capital left to invest into this potentially great opportunity for a fixnflip. Im a general contractor with not enough income reported on my taxes to make this deal work. I have months of bank statements to prove the steady income to make this deal work. Can you please help analyze this deal and what type of skin in the game i would need.
House is in the heart of silicon valley. Mountain view CA.
Purchase price 1.5mil
ARV 2mil comparable comps in area are 2.5 mil last 30 days
Rehab cost 200k over estimated value. Realistically 150k
Now this area is such a prime location that i can easily add a second story on the home and complete remodel for 250-300k and easily get 2.8mil. Local comps last 30 days is 3mil-3.3mil
Please help me to understand if this would work with a hml and a break down of requirements for myself needed. The home is a family members so i get first dibs.