Quick Financing for A Great Deal

2 Replies

Hello BP family,

I am new to both real estate and BP, but have been watching the market and reading forums/books soaking up as much information as I can. I am ready to stop incubating and pull the trigger on a first property! A little background to give some context, my wife and I took a year off from the 9-5 to travel long term, and are now starting jobs again hopefully this week and excited to start REI.

We have found a beautiful duplex, new roof, great area, less than 20 years old, and at a great price. It is in a fairly hot market and I know it will not last long. My wife has family in the loan business, and we only needs 2 weeks of pay stubs for the full FHA loan, but I am afraid by this point it will be gone.

Being that we are new to RE, we do not know investors, but my parents may be willing to help. Is it possible for them to buy the house and then we buy it from them once we have the loan availability? What are some options for quick financing to lock down this house before it's too late. Or should I not be so attached and just look for the next good deal when it comes along?

Thank you for any and all responses!

Eric

@Eric Davenport
Maybe it could be simple. Make an offer and get it accepted but push closing to 60 days out or sometime. Then apply for the loan in 2-3 weeks. Might be tight for some lenders but it’s doable.

@Kyle M. Thank you for the suggestion, we had not thought of that! It's a very creative way to use traditional financing. 

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