Lending Problems

[Armen Zakarian]

Hello All,

So, I have just come across a property which has great potential for a fix and flip. I have zero capital and therefore I am looking for a lender which can provide 100% LTV and 100% rehab cost. In speaking with lenders, I am getting the same response... They will not lend as I am new to fix and flips. I am open to both private and hard money lenders. Looking at the numbers this property has a potential for $100K + profit. The current owners are looking for a full cash offer and subject to inspection. They are not allowing anyone to see the property before. This doesn't concern me much as the purchase can be contingent upon inspection which can be done during the escrow process. If anyone may be interested in a joint venture please contact me. I am will to split profit in addition to paying a percentage on the loan amount.

Thanks,

Armen   

[Ellis San Jose]

Armen, if this is truly a deal, consider putting under contract & then wholesaling it. The seller doesn't seem to be that motivated if they aren't open to an offer. Exactly how much money must be spent to realize the $100k profit?