OfflineI wish I had about $45k to invest to flip a house for $65k. I can get the house for $32k + $10k in repairs. ARV is around $75k. I just don't have any money or credit. I am waiting for my buyers to confirm their desire, but I would do it in heartbeat if I had the money. Do you think my small city bank would loan me money for a property like this with 60 - 90 terms?
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Joe, I'm no match for the guys on the top, but yes! do read keb64--
I do Joint Ventures to do my rehabs. ABC:
-Lock it up, but the EMD in (borrow it as needed)
-find a partner to fund the deal
-do a couple side agreements
-you do all the work (or manage the rehab, sweat equity)
-partner pays the costs
-split the profit when it sells
-OR the partner can buy you out
Simple. Do it!
(save getting a loan for when you need it)
- keep us posted,
Tina
Never, Never, Never Quit, N3Q
"Nothing happens until you place an offer."
"Skip Deal #1, go straight to Deal #2; it's so much easier."
"There is nothing so useless as doing efficiently that which should not be done at all." — Peter F. Drucker... so, "Don't sweat the small stuff." -R.Carlson. "The greatest mistake you can make in life is to be continually fearing you will make one."~E.Hubbard, The Note Book, 1927...so, Do it for the right reason and "Do it with a headache!" - Dean Graziosi, Weekly Wisdom #176