Have fix & flip property. Need funding.

[Doug Lovett]

I have a property under contract to fix & flip. 2840 Ripley Ave, Jacksonville, FL ARV is about $150,000 rehab about $25,000, purchase price of $87,500. Seeking private or hard money for funding.

[Lesley Resnick]

You need to look carefully at this deal, if you are using hard money.

87500 buy 

25000 reno  Did you get this number from a reliable contractor?

112500 sub total 

150000 - I am not sure about your comp! 

37500 net 

Hard money 2 points funding, they may charge you to record the loan. 1% a month interest

It will take you 3-6 months to do the flip 

112500*.02 =  2250 funding 

3000 -6000 interest 

Hard money costs 5250 -8250

Will you sell it yourself or on MLS? If you use MLS it is going to cost 6% = 9000

There are other closing fees you will pay on both sides of the deal.

I would be cautious, if something unforeseen goes wrong, you will find yourself under water.

If you want to PM I would be happy to walk through this deal with you.