Now suppose going along with the above, the borrower had a $375,000 mortgage (which they DID) on the property at an interest rate of 3.25%.

The tools on Zillow and Redfin aren’t especially helpful since the house is off market, and they’re underestimating the number of bedrooms.

You should have someone local who can drive by to check on the property, respond to emergencies, conduct regular inspections, etc.

Overall though, if it's a private loan and not a hard money loan, other than the costs of the loan itself (interest rate, points, etc.) the costs should be pretty modest. 

The first hurdle was convincing them to leave via cash for keys.

Hey Priyanka,Welcome to the forums!

Hello BP fam:I am in the Providence RI market with one deal under my belt.

I have the opportunity for a cash offer where the property has great up side once it is renovated.We can get in to the property no problem since we have the cash, the issue is how to finance the repairs and renovations since we just got started on the business and no longer have a w2 or 2 years income under the LLC? 

Here are the fastest-selling ZIP codes in America in the second quarter of 2024.Snohomish County just north of Seattle coming in at #1Obviously this makes finding deals in these locations harder to find which is why working with the right people matters now more than ever. 

Hello, Although I have heard of this site before, I am just now getting my feet wet on the platform.