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Updated over 1 year ago on . Most recent reply

User Stats

21
Posts
13
Votes
Quillan Houser
  • Real Estate Agent
  • Topeka, KS
13
Votes |
21
Posts

Looking for a private lender on a home run deal

Quillan Houser
  • Real Estate Agent
  • Topeka, KS
Posted

I bid and won a property through auction and thought I had the funding worked out but it fell through. The house, located in Horton, KS was listed as a two bed, one bath, with 1400 sq ft and after checking with the county it is actually a four bed, two and a half bath with 2116 sq ft, a half acre, and a two car garage. I am a real estate agent and ran comps and the as-is low end was $85k and the high end remodeled was $190k. My plan is to clean out the junk (not much), refinish the hardwood floors throughout, install new LVP flooring in the kitchen and bathrooms, switch out bathroom vanities and toilets, paint the inside, and list it. I believe $150k list price would sell the home very quickly. I am seeking funding for the purchase and rehab, or, at least the purchase and I would resell the home as-is. I have 25% available as a down payment but would prefer a private lender that can fund it all. I have no debt other than two under $10k car loans but my credit just isn't where it needs to be for a conventional loan. Let me know what you think!

Purchase: $45,001

Rehab: $30,000

ARV: $150,000

County Appraisal: $116,000

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