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Updated over 3 years ago,

User Stats

22
Posts
9
Votes
Rodney T.
  • Handyman
  • Bellingham, WA
9
Votes |
22
Posts

How do I make money on this deal?

Rodney T.
  • Handyman
  • Bellingham, WA
Posted

So Im looking at a distressed property that I think would be a great fix and flip. It's an extensive remodel I think would take 4-6 months depending on how much outside work was contracted vs done in house (myself). It's a cash only deal which I think I could get for somewhere between 250K-275K. I think the rehab budget is up in the air right now but the GC I had stop by today said 120K. The comps I looked at say a ARV of around 507k isn't unreasonable. It has a recent roof replacement, septic inspected and good, HVAC looks new and kept up, and though the foundation hasn't been looked at by anyone professionally it doesn't appear to be cracked etc. The house has serous basement level water damage which is the major part of the rehab and the master bedroom was framed but not finished. So plenty to do but I think even with a serious rehab job this place could clear 100k on a flip.

If the private money I raise isn't enough, how would you suggest I make money on this deal? I can't finance it, and as far as I know I can't put it under contract and wholesale it, but I don't know much about wholesaling. Thoughts? 

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