Will This Deal Work?
Hello all,
Would this work.
I located a house selling wholesale for 140K.
Appraisal in hand for 214K.
I would do hard money and after closing hard money use the appraisal for 214K and refi conventional and take some cash out for repairs. The house ARV is about $245 retail. This would effectivly allow me to do this deal with no money out of pocket of course taking into account the hard money fees. I have a contact that may be able to get the hard money no money up front.
So it looks like this can be done with nothing out of pocket.
Do you all think this could fly?
Thanks,
Greg
Sounds good .. Would there be a problem with the seller holding escrow for repairs? Sounds like it could throw up a red flag..
I guess I shold add, what are the extent of the repairs for the property? is it livable? and will it appraise as average or better condition and qualify conventional at this point? Also how much cash for repairs do you actually need? Some lenders will allow repair escrows if not to significant as an addendum tot he contract and they show on the HUD.