I want to do my first flip

[Linda Govan]

I am wholesaler that has found a property in Chicago, IL.  The owner is out of town and half completed the rehab 7 years ago and its just been sitting.  I want to do an owner finance with her. I like the wholesaling but I really want to do fix and flip. She is asking $30k cash. I want to do $3k down and 5%-8%interest.   The the basic rehab would run me $10k-15k and I have a credit card limit of $35k and my interest rate is 18%. Am I crazy to try and pull this off? Resale in the area is $120k-155k. Please help me make some since of this. Thank you BP for all the help thus far on my journey.  

[Ken Vingua]

Have you considered a JV between you and another investor? You may be able to do the deal without but if the rehab costs exceed your estimates (they probably will) then you will be in a bad spot. If you have other investors that you have bright dreams to before you can try to JV the deal with them. You can also ask for a JV partner on BP. I think that will best your best route towards completing the deal. I know that there are people looking for deals that would be willing to bring their capital and experience to help you complete this deal, I may be one of them. Feel free to contact me if you are going to look for a partner or investor.