Hard Money Loan, or Help To Flip?

[david_weaver]

First, a huge thanks to all here who helped with the credit repair and steered us through the 203K process last fall. We closed in October, all repairs have been completed, and we are thrilled with our new home.

So, on to the next challenge:

I am interested in purchasing and flipping a home I have found in a desirable neighborhood in Portland, ME.

It most recently sold for $175K in 2006, and it was listed for sale at $225,000 in 2009. Unfortunately, the housing market corrected (tanked) and it was foreclosed on before it sold.

There are over 50 comps from sales in 2013 within a few miles, as this area came back strong. All the comps have sold in the $198K-$225K range.

The home is currently foreclosed, vacant, and falling into serious disrepair.

It could be purchased for around $50K-$60K.

Rehab costs to bring back home to 'best in neighborhood' condition would be approximately $50K-$60K.

Basically, when the rehab is completed, the home would be worth double the investment put into it.

As I just finished rehabbing my primary home, I have some nice equity, but precious little cash left on hand. As this new home would be an investment and not an owner-occupied home, 203K is out, as are things like FHA, as there are too many issues to pass inspection.

Is there a way I could fund the purchase and rehab of this home using some combination of hard money based on the current and as-repaired value, maybe secured in part by the equity I have in my current home?

Does anyone know people that lend hard money, or that invest in flips?

[credithunting]

take a look here Southern Maine Real Estate Investors Association..good luck

[david_weaver]

Many thanks. Will reach out to them on Monday.