Looking for Funding in Clearwater Florida

[Mark Burik]

I'm hoping I can peak your interest.

I am under contract for another property. Its a 3-2 and its one half of a duplex at 2074 San Marino Way North, 2, Clearwater, Florida 33763. 1630 Square Feet

I was just turned down for a traditional mortgage because of a loan a family investor gave me to purchase a great deal with cash. I had to give that information to the mortgage broker and since I'm technically in debt 75g to my investor I was told that my debt to income ratio has been destroyed because even though I'll be MAKING money on that loan every month, they don't count it as profit until I have a proven record of income from that or any other rental. Its not ideal but its not easy being the new guy I suppose.

The seller is the widow of the owner who used it as a rental. He recently passed and left her with some properties that she doesn't want to deal with. The last tenant also passed away a few months ago and the property has been sitting vacant will all of the last tenants things still in it. The faucets and flooring need work but the house is well built and in great shape other than that.

At my estimates, in order to get rent-ready, its going to need about $15,000 of work. I have it under contract for $85,000. Thats $100,000 total,

It would rent for $1500 a month at a Low estimate.

3-2's in the area for the last 5 months have sold at an average of $182,215 and a median of $183,000...

This can be an 82 thousand dollar profit as a flip or a 9% ROI after expenses (taking a conservative 50% out of rental returns for insurance, tax, property management, repairs/maintenance and capital expenditure) as a buy and hold.

If a buyer can get a 70% (normal for income properties) cash out refinance after 6 -12 months, they would receive $126,000 which means a 126% Return on Investment after one year and then STILL be renting at a profit.

A $126,000 30 year mortgage at 4.25% has monthly payments of $619.84. Cash flow at that point would be $130 per month after expenses plus the investor has already MADE $26,000.

I'm looking for a 50/50 financial partner or a hard money loan.  I can also wholesale this. My inspection period is up in 5 days which means my earnest will be fully committed but I need the funding.  Is anyone interested?