FUNDING FELL THROUGH LOOKING FOR A PARTNER OR BUYER IN LOUISIANA

[Paula Wallace]

I have a 4 bedroom 2 bath home that needs finishing touches because demo has been done and the work has been completed with the sheetrock and plumbing. Most electrical is in place. I was wholesaling this property and the buyer backed out on me after the inspection period. ARV is $110- $120k (houses average $117k) or can rent for $1100/month. I have it under contract for $32,500 and only need about $30k in repairs. HELP please!

I am also looking for a mentor in the New Orleans/Louisiana area, if you are willing to help me please contact me.  

[Seth Cunningham]

Have you talked to a hard money lender yet and showed them your deal? If they can confirm your rehab and ARV is correct this seems like a deal they would lend on.

$110,000 at 65% ARV gives you 71500. Plenty to purchase and rehab with little skin in the game. Essentially zero money out of your pocket besides closing, holding, and maybe a few extra repairs.

I'm have not made myself familiar with that area yet, but you can send me the comps pics and repair list if you want. I'll take a look, but no promises.

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