First Deal Nashville Investor
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.
Most Popular Reply
@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