First Deal Nashville Investor

[Dominique Jones]

Ok, i just agreed on my first deal. Now I need financing. I need a total of 90k. Purchase price is 55k. Rehab is 20k. Other realtor n orher expenses is 11k to 15k. ARV is 115k.

This is my first deal, any suggestion. I am really looking for private investor bc i am finding that even hard money lenders want you to have some experience.

I work as a structural engineer and my business partner does construction management, so we are very knowledgable about the building industry. 

Please let me know what you think.

[Devan Mcclish]

@Dominique Jones I wouldn't  do this deal as a rehab

115,000

-55,000

-1,500 (you forgot closing costs to buy it)

-35,000 rehab (being that it's your first, you are going to be wrong here)

-9,200 for closing on the sell

-5,000 (hard money or private money)

- 1,000 (insurance, utilities, taxes)

= 8,300 profit

Doesn't sound like a very good deal. Even if your rehab number is correct, you make 23,300. A lot of work for 23k. AND we are working on the assumption that your 115 number is correct and it won't get beaten down

I would keep this thing as a rental. 55k purchase, probably doesn't need much to rent, rent it for 1,000 a month? I would take that deal