Beginner....funds tapped until closing in 2 wks but want to offer on another house?
To begin bare with me if my questions or ideas don't really make sense as I'm still very green in the investment world. I have partnered in a few flips before and have done one flip on my own so far.
I currently have a house that we have accepted an offer, gone through inspections and apprasials everything is good to go and settlement is set for Aug. 3rd, I also have another property that has gone through the inspection process no appraisal since its a cash offer but no settlement date set yet.
My question is until the one house closes on the 3rd my funds are tapped, I want to make an offer on a bank owned property but I know it is going to have to be a cash offer. I will be receiving roughly 100k cash back on the 3rd and this property I'm looking at I would need around 35-40k range in order to secure. What options do I have here as I can't show a proof of funds as it is not in my account yet and the house that is closing is not in my name but my partners. I could prob find a private lender to loan me the money for the 3 weeks until we close on the other property but since the funds haven't been in my account for 30 days would that still be considered a cash offer on my part?
Thank you for your help and any suggestions or questions are welcomed