All Forum Posts by: Account Closed

@Rachel Underwood thanks!!

@Jonathan Barr thanks for the feedback!

What do you use as a quick rule of thumb when analyzing fix & flip deals? I've seen purchase price at 65%-70% of the ARV is a high level way to filter good deals from not so good at first. But curious as to other investors' methods.

Hey all! I have the following potential deal on a fix & flip and curious if anyone has advice to creatively finance the deal: SUGGESTIONS WELCOME!!! 

Asking Price: $269k 

Renovation: $80k (added about 10%-15% onto my original numbers for emergency) 

ARV: $395k

Working with a hard money lender to potentially get 90% of purchase price and 100% of the renovation covered, but I need a plan B if they say I don't have an established enough portfolio to lend. I have about $17k in cash I can put down whether that's through hard money or a construction loan. Unfortunately can't do FHA 203k as I'm already living in my primary residence as a live in flip. I could partner up with a friend for more cash for the downpayment, but selfishly would like to keep it an individual deal for a few reasons.

Any other suggestions out there on how I could creatively finance this in my budget? Also willing to take any feedback (harsh or not!) on thoughts on the deal numbers. 

Thanks in advance! 

Thanks Rachel! Love Cincinnati...actually lived in the Mt Lookout/Oakley area for about a year after college. 

ARV is around $230k...some comps in the area have been selling for around $250k but trying to stick to the lower end of that budget wise for the time being!

Hey Jake - thanks for the feedback! The before pics are up above with the after pics...should be side by side. 

Expected ARV around $230k. Some comps in the area have been selling for closer to $250k but trying to mentally stay on the lower end of that.

thanks man!! Adding some finishing touches but we're getting there. 

Welcome to the BP community! I'm new to BP as well and within the first 24 hours noticed the power of networking and connecting with like minded individuals on here. Makes me wish I would have done this a long time ago. 

I'm a major advocate of Columbus (even though I may be a little biased!) with the strong economy and crazy growth we have experienced over the past 10 years, and things are only picking up. I was born, raised and invest in Columbus and would love to connect if there's anything I can do to help you and your wife moving forward.

Good luck my friend. Cheers!

-Pat

@Michael P. wow great article!! Thanks Michael much appreciated. Certainly some interesting takeaways there.

I do agree with @Remington Lyman in that it is much like speeding and trying not to get caught, but do believe marketing and intent play the largest factors in how the ODRE views wholesalers.

@Remington Lyman thanks Remington I’ll certainly look into it. I have read through articles and clauses on their site but still no clear cut answer that I can find. Appreciate the help!

@Stephen J Davis thanks for the feedback Stephen. Certainly would consult an attorney before doing anything myself. I was just curious as to the BP insight on this and if anyone had direct experience and would not take this as legal advice.

Cheers!