Need money NOW.. what can I do to prevent missing a good deal?

6 Replies

Here's the rundown.

I own free and clear 230k home.

found great investment property ( two good and clean manufactures homes on 4.4 acres) for 150k with income potential of about 450 month - each.

problem. my money is all tied up in other investments.

what should i do.. LOL yes im heading to the bank now, but I'm always looking for more options.

Thanks! Happy new year to you all!

Why can't you pull from your $230k free and clear equity from your primary?

@Dave Carella you could pull equity out of your house as a downpayment and then go to a bank to get a loan.  I've had clients do that before so they in essence didn't put any cash down.

One thing I'd like to point out though, unless you think there's significant value-add, $900/mo gross income for $150K purchase price?  I can't see that purchase being cash flow positive, let alone a good deal.  The mortgage alone (assuming 25% down) will be $550/mo+.  

Matt Lefebvre, Real Estate Agent in NH (#070207)
603-554-2309
Originally posted by @Matt Lefebvre :

@Dave Carella you could pull equity out of your house as a downpayment and then go to a bank to get a loan.  I've had clients do that before so they in essence didn't put any cash down.

One thing I'd like to point out though, unless you think there's significant value-add, $900/mo gross income for $150K purchase price?  I can't see that purchase being cash flow positive, let alone a good deal.  The mortgage alone (assuming 25% down) will be $550/mo+.  

I'm hoping the $900/month wasn't total rents from the two properties. If so then yes you should pass on this deal.

the 230 k home is on the market so im not sure if the banks will go for that

@Dave Carella a 150k property that rents for 900 is awful. Unless you plan to build on the extra acreage or something like that just sell your flip and pass on this deal

i get the 2% rule. but that just dosn't fly in my area. 3 bedroom home with pool that cost about 200-230 k are renting out for about 1500 to 1800.

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