New investor chasing my first deal...advice appreciated !!

[Les Richardson]

I`m looking at a 950 sq ft ,2/1 condo ...asking is 110000, ARV looks to be about 175000.It needs flooring ,paint ,and a light bath and kitchen update. The seller is willing to "sub to" the mortgage of about 50k. I`m trying to decide how to make the deal work, I could take a HELOC on my primary,( only as a last resort ) or find a private ,or hard money lender to cover the down payment on the 60k & closing costs.

What would you advise ??

[Taylor Dasch]

It sounds like a Private Money Lender may be a good option for this scenario so long as the numbers work out well and there are plenty of comps to support the 175 ARV. For flooring, paint, bathroom, and kitchen updating on a 950 sq ft property, it shouldnt be too crazy of a rehab. It sounds like a good deal! I would start searching for someone to cover that 60k!