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Updated over 4 years ago on . Most recent reply

User Stats

2
Posts
1
Votes
Jon Smarsh
  • Flipper/Rehabber
  • St Augustine, FL
1
Votes |
2
Posts

Trying to purchase 1st flip (need guidance)

Jon Smarsh
  • Flipper/Rehabber
  • St Augustine, FL
Posted

Hey guys, need some help...im looking to finance a flip. Its bank owned forclosure. Ac has been stolen house needs some work its been sitting a while and the carpets, kitchen and bathrooms are in need remodel. Ive done my research and the numbers check out and the ARV checks out. Bank wants 161k ARV 230k-260k. 4bd 2ba 2,000sqft. The bank who owns it says they wont turn on water or power for inspection. Ive talked with lenders and havent got a clear answer. I need to finance the purchase but without ac and the state of the kitchen, bath ect... I dont know if it would be considered livable thru appraisal standards. Looking for a conventional or standard fha loan cause i would reno it on my own. Planning to use this flip thru financing to sell and use cash to do next flip in cash and grown from there. Does anyone have advice?

Most Popular Reply

User Stats

2
Posts
1
Votes
Jon Smarsh
  • Flipper/Rehabber
  • St Augustine, FL
1
Votes |
2
Posts
Jon Smarsh
  • Flipper/Rehabber
  • St Augustine, FL
Replied

@Brian Ellwood thank you for the advice i appreciate it.

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