Newbie with a deal!(i think)

[Mark Powell]

ok. i have found a deal that i think is worth while. actually a few, but ill start with this one.. here are the details:

Property price- 95,000.00
Cost of Repairs- 5000.00
After Repair Value- 164,740.00
Equity = 64,700.00

I think that this is a good deal... It sounds great to me! I would love to make 65k on my first deal. But i got some problems.

First. Credit- ITS REALLY BAD (nothing big, lots of inquiries, accts over 2-3 years old)

Second. Liquid assets= NONE Got laid off from my job 2 months ago and have been living on savings (thats the nature of my field, industrial construction. we work for a few months and then wait till the next job starts)

Third. IM SCARED it sounds like a good deal and I know the area and even if that estimate is a little high, its still way up there.

How do I make this work. Should I try? Would anyone like to go 50/50 or so on funding. You fund and I do all the paperwork/construction?

If none of that just some advice would be nice! All i need is to make my first deal or two and I should be set! Ill be looking at rentals and multifamilys and more rehabs!!

Thanks for your time!

Mark

[Don Konipol]

Please do not take this as an insult. You know so little about real estate investing and flipping, and have no money for mistakes, that nobody in their right mind is going to finance you. You have no experience or idea of the process or the dangers that lurk out their. Further, if and when things go wrong you will have no money in the deal so whoever puts up the cash will be stuck with the property.
My suggestion would be to get the property under contract and try to wholesale it to an investor for a $3,000-5,000 profit. Also, if you are successful wholesaling the property ask the investor if you can get involved in helping him with the rehab, so that you can learn the business.