Cash-intensive house flip

[Michael D.]

I have recently come across a foreclosed house with an ARV of $480,000 to $500,000. It needs $50 or $60,000 in updating/ remodeling. Has minimal deferred maintenance and I am likely able to purchase for $250,000. However, I will need to close quickly, will be unable to have any financing contingencies and, therefore, will need $310,000 cash in a very short time-frame. I can come up with the cash, but it will be an enormous strain, leaving me with no reserves if there is a problem with one of my other properties. What options do you guys see?