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Updated about 6 years ago on . Most recent reply

Jacob Bjerk's profile image
Jacob Bjerk's profile image
Jacob Bjerk
  • Flipper/Rehabber
  • from Lombard, IL
  • Member since Dec 17, 2018
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Jacob Bjerk's profile image
Jacob Bjerk's profile image
Jacob Bjerk
  • Flipper/Rehabber
  • from Lombard, IL
  • Member since Dec 17, 2018
Connect
Jacob Bjerk
  • Flipper/Rehabber
  • Lombard, IL
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Private Lending & Conventional Mortgage Advice

Finance First Deal- Verbal Contract in place

Jacob Bjerk
  • Flipper/Rehabber
  • Lombard, IL
Posted

I am having trouble getting conventional financing for a fix and flip deal on a SFH. The problem is our debt-to-income ration is too high to support both the mortgage and rehab costs.

Details of deal- 225k Purchase price, 50k rehab cost, and 365k ARV.

We are currently doing a large rehab on our primary residence that we own mortgage free but is preventing a HELOC. We have approximately 30k in cash, and access to more funds in 401k accounts. Any advice on how to find financing?

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