OfflineI found what I think is a good first deal the price is $42,000. ARV is $130,000. The house will need $40,000. in repairs. The home is a legal two family 3 bedroom each with an illegal basement apartment that can rent for $700. The problem is I have no money please help me find funding source. That will allow me to purchase and rehab.
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You may try a hard money lender or a joint venture with another investor. Prepare to pay high interest with the hard lender, but if you have to spend $5000 to make $10,000 than that's still $5000 you didn't have before. Good luck and I hope this helps.
{J}
Do you have any REIA's (Real Estate Investor Associations) in your area. That will allow you to network with several other investors who would also have funding sources available.
Stephan Roberts
"In absence of clearly defined goals, we become strangely loyal to performing daily acts of trivia!"
Here is a FREE property analyzer I've found:
https://tvallc.infusionsoft.com/go/RehabLite/sroberts/
It's a great tool to use to help analyze your deals (and did I mention it's FREE)! But, you really should spend the $97 and get the full premium edition! IT'S AWESOME!!
you might get a fellow DG member to help, but with not knowing your area or any other info it would be much harder.
Wholesale the thing!
Michael Mangham
Mentoring/Team Building Nationwide
MD Home Acquisitions LLC
Knowledge is power, but execution trumps knowledge. Tony Robbins
http://www.mdhomeacquisitions.com Seller site
http://www.mdhomeacquisitionsbargainhouses.com Buyer site
http://www.mdhomeacquisitionshousehunter.com Bird Dog Site
http://www.mdlodeals.com Tenant/Buyer site
You do not need to rehab the place yourself. At the numbers you are talking you can find a cash buyer who would love to rehab this property. You take your fee by double closing (use insiders cash) or by doing a contract assignment. Then keep your cash and let it grow. The more cash you have the more opportunities that will come your way.
If you have any questions you can call in on the advisory line and I would be happy to help you further.
Roy Voeks
Official RE Coach
I have updated my profile and provided a link to my squeeze page to my website, please take a look and let me know what you think of the presentation.
Welcome to the site! Tammy
www.tw4homes.com website
https://tvallc.isrefer.com/go/RehabLite/reigirl/ FREE SOFTWARE FOR WHOLESALERS, REHABBERS AND AGENTS! Present professional looking deals to buyers and lenders as well as run your numbers and get the ROI.
Assign that contract for $5-7K. A rehabber will take that deal all day long.
BRE #01956371
Hi,
I am in a realtor in North Jersey (hudson County area) and am looking to connect with an investor in or out of the area that I can do business with. I have access to alot of properties in this area and know this county and a few surrounding ones very well.
Any help is extremely appreciated!!! Thanks & Cheers!!
C.A. Marmolejos
Keller Williams
NJ
u can do it with zero money, but the basement (u mentioned) mite need 2 b resolved.
good luck!!
Tell us more about it... From the numbers you gave you can likely profit as much from assigning it as you can from rehabbing.
Welcome to DG's website!
I will second Jevon's thoughts.....talk to a local Hard Money lender, which you can find at your local REIA club / group. *IF* the numbers do not work, then they (the Hard Money Lender) won't lend the money on it and it isn't really a 'deal'. You don't actually have to close with them, but since you (apparently) have this property under contract), run it by them.
Once you have brought in the Hard Money Lender, you now have options available to you that you did not have before. In particular, another set of eyes to ensure this really is a deal. Also if you decide this is one you really do want to rehab, then they are the financing source for doing this. And finally as a few others have suggested, if it is a deal but you do not want to take this particular deal down yourself, the Hard Money Lender is sure to have a list of his clients who have done deals like this with him before....and you could possibly end up Wholesaling this deal to one of the Hard Money Lender's Rehabbers or Land-lords. With any of these, you end up winning.
DG's website has a link in the upper left-hand corner to find a local REIA club / group. Good luck.
--Walter
Thank you Walter, I contacted a hard money lender last night, i sent in my request, with any luck I will hear something tomorrow.