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Updated over 6 years ago,
I have a deal, but how do I find money for the down payment?
Hi Bigger Pockets Friends!
My partners and I have worked hard to find what we believe is a very good deal but we have some questions. Here is a numbers run down of the deal:
Profit after expense (i.e. holding costs, rehab, etc): $60kPurchase price: $190k
Rehab costs: $125k
Comps: $460k
Flip Type: Convert duplex to SFH
Flip length: 12 months
Location: Forest Park, IL
50/50 split Investor ROI: 20%
However, the next step is getting the money for the down payment and we are finding it rather difficult because it is more than we can afford ourselves. I'm curious to get feedback on tips for finding people who are looking to invest their money in deals like this. It's commonly said that if the deal is good enough, the money will be easy to find. Are investors finding more lucrative deals and that is why this flip deal is unattractive? Or do we just need to get out and network more? We are happy to upload our underwriting to give more detail on how we got the numbers above if that would help. We believe this is a conservative underwriting. I appreciate any help!
Thanks,
Nick