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Updated about 9 hours ago on . Most recent reply
Rookie Looking for Lender to Fund First Deal
Hello guys,
I am not sure if I am allow to look for private lenders through the forums so my apologies if I am not, but here I am.
Like the title says, I am a rookie looking for funds. My agent sent me a fix and flip property that has potential in doubling its ARV from asking price 235k to ARV 425k with an estimate rehab cost of 65k. My goal is to fix it and do a dscr refinance to be able to hold it. This would be my first deal as well so if theres any lenders that would like to invest in me message me to provide more detail about the property.
Most Popular Reply
#3 Starting Out Contributor
- Flipper/Rehabber
- Pittsburgh
just a few miscellaneous reactions:
-you don't need a 'private' lender, you just need a lender, probably a hard money lender, someone local and reputable
-if you don't have a good bit of cash on hand, this isn't the deal for you. holding costs alone on something in that price range are likely a few thousand dollars a month. i don't know anything other than what you posted, but for something like this you likely need $30-40K cash to close + $20-25K holding + reserves. no one is going to loan you all 300K plus closing costs on your first deal.
-if this deal is listed on the MLS and is just sitting unpurchased, it means other investors have passed on it, and you're missing something
not trying to be negative, just realistic. good luck