Hard Money Lending for Flip At More Than Purchase Price?

[Sandy Smith]

Hello all.

I have lived in my NYC neighborhood for more than 20 years, so I know this area very well. There is a SS around the corner (literally) from me that is selling for about half its rehabbed value. I do not have the cash to purchase and rehab the house.

The house is up at $179K. Typical prices in this area is around $350K. I'm hoping that I won't need to spend more than $55K on the house and since I can trip and be in the house in a heart-beat, I can actively manage the rehab. The goal is to flip.

Has anyone had experience with a hard money lender who lends more than purchase price? I only have $20K liquid currently and own two ultra low value rentals (one outright) that cash flow well. Your thoughts are welcomed.