Where can I find the money to buy this house?

1 Reply

So I found a foreclosure in my hometown - 30 days on the market - asking price 65k - Arv 100-110 rents about 950 per month but I don't have the down payment for it. My sister will loan me 35k cash but I doubt that will do it. What's different about this house is that it's on a neighbor city's MLS. This is the way I bought My first house and I was essentially bidding against myself. IDE like to make a low ball bid but I don't A) have the down payment for 55-65k (Fannie doesn't let you take a A "gift" from a family member on an invesemt and B) in don't think 35k will work as of yet. 401k loan isn't an option because I recently changed companies and rolled everything within Edward jones. Any ideas of where I could get cash ?

Sounds like you need another $30K plus closing costs plus rehab plus (assuming you're holding) cash reserves.

- personal loan from bank or credit union

- credit card cash advances

- loan against a car or property you already own

- hard money loan followed by a refinance after its fixed up (in combination with the cash from your sister)

- sell some asset

- work a second job and build up cash for when the next deal comes along (wholesaling is the usual advice for new investors, but there may be better alternatives for you.)

- peer to peer lending such as Lending Club or Prosper

Free eBook from BiggerPockets!

Ultimate Beginner's Guide Book Cover

Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!

  • Actionable advice for getting started,
  • Discover the 10 Most Lucrative Real Estate Niches,
  • Learn how to get started with or without money,
  • Explore Real-Life Strategies for Building Wealth,
  • And a LOT more.

Lock We hate spam just as much as you

Create Lasting Wealth Through Real Estate

Join the millions of people achieving financial freedom through the power of real estate investing

Start here