I have a property under contract in New Jersey. The house is a great size in a great location close to major highway, near an elementary school and shopping districts but still boasts the peace and quiet of the suburbs. Currently a 3bd / 3ba house with 2 living rooms and 2 dining rooms essentially, an open layout and fireplace plus an unfinished basement.There is also a single car garage. Once rehabbed the property will be 5-6 bedrooms with a finished basement, 3.5 or 4 bathrooms. The master suite will have a master bath and Walk in closet... there may be a second master with full bathroom. There will be a reinforced deck leading off one of the bedrooms, a finished basement/ family room with finished utility room. A newly redesigned kitchen with a chef and family in mind plus some technological must-haves, An open layout, a newly cleared backyard and fresh landscaping take this $175,000 purchase into a $510,000- $535,000 plus real estate dream. There are no foundation, electrical or roof issues. The house was recently under rehab but was never completed and is in generally good shape. Rehab costs are estimated around $100-150k. The owner just isn't able to complete the work and wants out of the property. I have a closing set for July 8, 2016. I don't have any liquid funds at the moment but I have a fantastic contractor and an architect who are giving me great design changes and pricing to maximize the value of this property. SO the question is.... would you wholesale this deal for $300k if u were me or would u try to get a HML and do the rehabbing yourself? I have a great contractor as I said so I am not afraid of it being too big a project to manage just wondering if it's too many hands in the pot if I do HML and better to give it to someone who will do it themselves and save the interest fees and such by not needing a HML.
