About a year after I bought it (and dumped almost $60,000 into it) I sold it for a very respectable profit.I have not used conventional or commercial financing on any of my rental properties to date.

Normally they are between 12-15% with a 3-5% origination fee.I doubt you will find many if even any conventional loan programs that are going to give you fix up costs.

If this is the case, and your conscience won't let you do it otherwise, then I would recommend that you step up and go get some financing lined up (hard money or conventional prequalifying) so you can honestly and with confidence tell the seller that you are going to buy their property.

purchase for 195k ...conventional 2 yr arm at 10%.... 20k in repairs....ARV is 260k ...I am a residential contractor so I will be doing the work.....appraised at 250 now....probably 280 to 300 after repairs depending on my detail input.

Due to the success of these updated resale homes, it has caught on and is now essential to the success of a sale, especially now with inventory on the rise.

As long as your numbers represent this shift then your profit won't change.The shift from a seller's market (normally under 6 months of inventory) or otherwise known as a strong market to a buyer's market (over 6 months inventory) or a soft market opens up the door to investors to purchase properties at even a more significant discount than before.

I have no employees to baby sit, no perishable inventory to move, no franchise fees to pay, and no store to maintain.

My credit won't allow me to go the conventional way of funding.

The seller wants a conventional sale.If there are any investors in the VA area that are interested and experienced with rehabs, drop a line.This is what the figures may look like:Offer: $374,000Counter: $345,000Est.

I then wait until conventional lenders will allow me to refinance and cashout at which point I get my initial 10% back plus any amount not to exceed 80% of the appraised value.