All Forum Posts by: Sean Connolly

Hello everyone.

I have a potential flip in a desirable area. It is a Freddie Mac owned property in a town about 20minutes away. I have seen the property, run the numbers, and see it as a very good investment.

1940 Colonial, 1200sqft living space. 2 (Possibly 3) Bedroom, 1 Bath. Partially finished basement. very large kitchen, with patio, porch, 2 stall heated and wired garage.

Repairs:

Needs a roof, replacement cabinet doors, some wood trim, new appliances, and a new kitchen floor.

Asking price: 185,500

ARV: 230,000

Estimated offer 155,000

Here is my dilemma. I am a firefighter/paramedic and I am forced to live in the town I work in, therefore owner/occupant is out of the question. I only have enough cash for about 10% and it requires 20% as an investment property. Does anyone know of any ways around this? Or possible ways of finding private money lenders? Any tips are very appreciated.

The next town over from me has a very high tax rate compared to surrounding area. Is it worth buying property to flip? There is a large number of fairly priced houses, but I feel it is a risk. Any suggestions?