Fix and Flip on Olympic Peninsula, WA
Hello fellow BPer's,
I have a beautiful fix and flip or Buy, Repair, Refinance, rent project that I would like to partner with someone on or find some private lenders that would help with financing. I do have 8% to 12% to put into the project so I have skin in the game.
The project: Cost for property $110,000 + $25,000 Repair costs = ARV minimum of $180,000.
I always estimate my repair costs higher than expected in order to put some wiggle room in. GC estimated costs are only $18,500, so I'm $6,500 above his estimate. The property is a SFR with 1bd, 2bth, 2000sq ft, water and mountain views. Should sell for about $180,000 after repairs based on how the market is doing in my area but I want to estimate this low to give myself some wiggle room. The fix should take between 90 and 180 days and if a flip is determined should sell quick due to the location. I would also be whiling to get into this project as a buy and hold if that interests any potential partners more. If this were the case I think the ultimate plan for this project would be to fix it into a duplex which based on the floor plan would be very easy.
If anyone is interested, would like more info, has financing options, etc. Please feel free to PM me.
Thank you,
Evan