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Updated about 2 years ago,
House flip/rehab opportunity - seeking advice, possibly investor
Hey all,
First time poster here. I’m looking for advice with my current situation and may have a few options, here it goes.
I am interested in a property in my neighborhood, close to my current residence, that is for sale currently asking $1.7M. I think I could buy it for approx $1.5M and would need a full overhaul new construction of at least $1M more bringing me all in around $2.5M more/less. Thinking the home could sell for $3.5M - $4M range.
My home was built new construction by my wife and I from 2017-2019 and we can turn a profit on that house so I am confident we can do this but the funding is the issue.
A) We can go for a mortgage on 2, 2 family homes that we own and are paid up no debt but my concern is carrying the payments on that debt.
B) Is it even possible but what if we get an investor to put up the $2.5M and we handle the acquisition and build from A to Z and split the profit 50/50. Do you think someone would be interested in that as an investor?
C) Don’t really want to sell our home as we love it but I’m confident we could love another new build as well. Always said we could turn a profit by selling but then where would we go? Now we would have somewhere to go and not far away as inventory is low in this area. I’m a believer that you don’t grow from the comfort zone so perhaps this is a viable option.
D) Acquire the property and then try to get a buyer to finance the rest.
Thanks for your time and would appreciate any constructive feedback, ideas or suggestions.
G-d bless and have a wonderful day🙏