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
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