How to get cash for an auction?

[Casey Tyler]

I am just starting out as an investor and was hoping to get some advice from the more experienced investors. In my area prices are going crazy high so I want to look into all avenues for finding inventory. One option is auctions. The problem is I only have 20000 in cash. Let’s say I find a deal at 50,000 at auction. What is the best way to bridge the gap? Hard money probably won’t work because they need an analysis and it takes time to get the money. Can anyone recommend a line of credit that would work for this situation? My credit score is very high (800+).

Even if I find a rehab project on the MLS it is tough to get a mortgage with a small amount. How do you get cash to buy a property until you can put financing on a property?

[Joshua Hanning]

Without knowing your current situation, it's hard to give you accurate options. do you currently own any property that you can Leverage? Are you planning on refinancing after you've rehabilitated the property? Have you considered a HELOC on your primary residence? In addition to that, you can always pole family and friends to see if they have any savings or money in a self-directed IRA that they are willing to invest for a particular percentage fee once you refinance. If it is money from a retirement account, people may be more willing to wait to get their return on investments while you rehab the property. If you get commitments ahead of time, you will know better what you can spend.