I want to flip Need Finanicng

[Jason Davis]

I have located a Forclosure I want to flip. The listing started at $159k, now its down to $124. I ARV is $140K to $160K. I have done a walk through and cosmetic repairs are running about $4 to $5k range. The only thing I dont know about is the HVAC and Plumbing. It has no power.
I think a bid of $75 to $80k will get it. They have had no bids. I see so much potential with paining and cleaning up. I am a contractor and can do most of the work myself to save labor costs.

Looking for ideas.
This is my 1st flip of my own. I have worked for others doing them.
Thanks

[Jon Holdman]

This is not the proper forum for seeking money. Please post in the "Seeking financing" forum, once you have enough posts.

In the first post you say it only needs $5K rehab. That's enough to pay for paint and carpets, nothing more. If you pay $75K and put in $5K, there is absolutely no way you can sell it for $140K. An appraiser will never give you that value.

Then you say it has rotten windows and siding. That probably means there's interior damage (inside the walls, I mean) from the water infiltration. That sounds like a lot more than $5K. That's good, since if you replace siding and windows its much easier to justify a higher value. But that makes you rehab sound more like $30K than $5K.

Assume $140K is correct. 70% of that is $98K. Subtract off $30K for repairs and the most you can pay is $68K. If things go sell, and you use hard money, that's a profit of about $21K. If you have a money partner, the total profit is more like $28K, which you split 50/50 with the partner. If you do use hard money, and you can borrow 70% of ARV, which is $98K, you would need about $21K of your own cash to do the deal.

Do you have that cash? Do you have experience? Do you have the skills? Do you have a crew? Yes answers will go a long way toward getting the money you need to do this deal.