First Potential Flip

[Michael Lerch]

I got a house under contract for 70k. Just needs paint and cleaning I have budgeted around 2k. Minor bathroom and kitchen updates and appliances around 2.5k.

ARV is $95,000.

Here's the kicker, the seller had it listed for almost a year at $115,000 (way above market) and then at $95,000 for 2 months (Nov 2012 to end of Dec 2012), but still no offers. He said once he had it at $95,000 he got a lot more showings, but no offers. I figure it's close to gold because it's winter months with a slow market and I could pretty much flip this as-is on the MLS at $89,900 for quick sale going into the spring months.

Problem is I would need to do a flat fee MLS listing for $300 or so, and get private money around 12% just to make $8,000 to $10,000. Just thinking out loud. Good luck finding a private lender to lend for a deal at 85% ARV right? lol, but here's hoping. There's money to be made so I'm not walking away from it yet.

Thoughts? Anyone else pull off a deal like this before?