Help! I need recommendations. I'm interested in purchasing a FORECLOSURE property that was just listed in my area to use as a Rental Property OR Flip. Is there an easy way to get Cash Back at Closing to help with some of the repairs? I don't need much.... just 10K.
Thanks for your help in Advance!
The bank may be willing to take a slight amount off the sales price but they will not give you cash back at close for repairs.
203k Streamlined mortgage. You can get smaller amounts of cash back like you are looking for. Speak to a mortgage officer.
203k would be your best bet. There are other options but this would be your best and cheapest. You could do hml and refi out if numbers work. Maybe an outside investor (aka family member or friend ) for a return on their money or to partner in the deal somehow. Possibly take out a loan for the $10k if the numbers still work.