using hard money for flips where no rehab is needed?

[Stefanie Bergmann]

does anybody use hard money to buy a property that they just happen to get at a really great deal and then turn around and sell it without changes?

this particular one is an off market deal so my biggest fear,  that they see i just bought it for x amount and then try to sell right away for x +, doesn't apply in this case.

I would want to buy this property at $290,000 and try to list for $360,000.

This just doesn't seem like a very big spread and i would fear that it would sit on the market. I do think I can make money on this but I don't know how. This is a condo btw which doesn't exactly make the situation better.

[Jeff Rabinowitz]

Careful. If you buy the property and then list it at a higher price without doing any upgrades you may have difficulty with an appraisal if your buyer is financing the purchase. Even if the property is purchased off market your purchase at $290K will be recorded. Is your purchase a distress situation so that you can exclude it from the comps? If not, your purchase is the best possible comp. Are you sure the other comps are strong enough to support $360K?