ISO Private Money Lender for Owner Occupied Fix & Flip

[Peter Hightower]

My situation is that I took on a rehab project that is owned by a good friend of mine. Property is a small SFR that had been abandoned for 10 years. My friend is elderly, lives out of town and is no longer able to do this type of work. We agreed on a purchase price of $22,000. He agreed to carry the note on very favorable terms. We signed a contract but never closed the deal, so title was never transferred to my name. I began improving the property back in November thinking to do minimal repairs and flip it to an investor and possibly make $10,000 in a couple months. Big surprise, I didn't find an investor interested in the property.

I continued working on it and moved into part of the house in March. I began making payments to my friend as agreed in April. It is now end of August and I am 75% finished with the total rehab. I have taken on personal loans and maxed out my lines of credit in order to fund all of the repairs. I am in need of $60,000 to transfer title to my name, pay back taxes, pay off personal loans and lines of credit and complete the remaining 25% of repairs. I have been told by a reputable realtor in my area that the house will appraise for $95,000 to $100,000 when it is complete. Once I am finished with the complete rehab, I intend to refinance into a conventional loan and remain in the house.

Please message me if you are a lender or know a lender that can help out in this situation.

A little more about me. I have W-2 income over $100,000/yr. I own a SFR valued at $260,000 in North Central San Antonio and a duplex valued at $130,000 in Del Rio. All are currently rented and brining in $3,400/mo in rents.