Updated almost 5 years ago on . Most recent reply
Advice for purchasing off market deal
Good Morning!
I’m looking for advice on purchasing an off market property.
-It is a 3/2 1580Sqft Single Family House.
-The property could use 50-70k in Reno.
-The estimated ARV is conservatively 100k over the purchase price.
-the lot size is .4 acres and the property behind this one has offered to buy half of the lot (backyard) to add to his property.
I’m trying to find the best path for this property with the funding I have. Possible scenarios I have ran through are....
- Live in flip, FHA 3.5% down, sub divide the back yard and sell to the neighbor, then using the profits for rehab?
-Live in flip, sub divide the back yard and use that money towards a bigger down payment. Fix the property up my self over next 1-2 years.
-Go in with a partner and flip the property
-Wholesale for an estimated 30k assignment
* I do not have the funding to take on the whole Reno out of pocket.
* My goal is to continue accumulating capital to in turn build my cash flow and number of doors.
Any and all advice is welcome!
Thanks,