Looking to build relationships with lenders

[Richard Schubert]

It’s amazing how as time goes on that the deals begin to look for me rather than me looking for the deals. I have a line on 1 or 2 off market deals that will need a total renovation. These just suddenly fell in my lap. I am going to look at one of them seriously as the owner had pretty much abandoned the property and I believe it can be purchased for in the teens. I would like to see if any private lenders would be interested in developing a mutual arrangement that works well for both of us. I own some rentals, have a property manager, a good realtor , am currently renovating a home for a long hold rental, I have pretty good credit, and a good w2 job .i have a construction background and a good amount of reserves. I would see these deals through with renovation and most likely cashout refinance to payback the lenders and use the home as a rental. Selling , renting, refinancing would be my exits. Thank you in advance for your time!

[Richard Schubert]

Quote from @Brandon Croucier:

How much $$ Are you looking for on the purchase & rehab side?

The owner stopped communicating so the deal might be falling apart. I was looking at 14k for the purchase and then a rough estimate (since I have not had access to the inside of the property) would be about 60k for the rehab. ARV in this neighborhood is a little low and I would conservative estimate 110k to 118k. With holding cost I estimate 80k coming back on a cash out refinance. I would keep the house after renovation and use cash out plus any additional funds out of pocket to pay off any private money. Of course I still need to get inside so I could get a real idea of the numbers. A least this house has vinyl siding and many windows replaced already. I would buy the house with my cash even if I did not have rehab funds yet. I have several other homes I own free and clear I could refinance. I am rehabbing another home right now, once it is finished I would refinance that one as well. I would like to get about 10 more houses in 2025.