Is it possible to get access to 60k within a day?

Question

Sometimes opportunities have a short window of opportunity that waiting a month to fund will result in a lost opportunity.

Steve

Steve Brown · Answer

@Michael P.

The plan was to purchse a fix & flip from someone who needs cash for another property so they are going with someone with access to cash.  It was a great opportunity but on to something else.  It would have been my first deal.  Thanks all...

Account Closed · Answer

What are you doing with it, buying a D class property in the mid west?

Danielle Wolter · Answer

@Steve Brown Getting in a day is going to be tough. Especially if you're trying to get it from other people and have limited to no personal experience. I'm assuming you don't have your own 401K - but if you do, getting a loan on that is usually very quick. HML will likely be best, but expensive.

John Woodrich · Answer

@Steve Brown Some people can get $60k in a day, most people can't.  Many experienced investors have a line of credit available or cash for these circumstances.  If you don't have either I would find a HML who lends in your area and get your profile setup.  They many not be able to close a loan in a day but maybe 7-10 which is better than nothing.

In regards to your comment about other people not lending you money from their 401(k) and it being less risky - lending money to someone who doesn't have any or who doesn't have much experience has a lot more risk than the stock market, bonds, or whatever they are in.  Plus - many 401(k) accounts will allow for participant loans however employer plans won't let you invest to Bob the builder.

Steve Brown · Answer

Thanks @Caleb Heimsoth - where would I turn for this type of loan?  Hard lenders?  When I explained to them what I was trying to do they didn't suggest that route.

Caleb Heimsoth · Answer

@Steve Brown look Into gap funding or bridge loans.  A day is going to be very tight through

Jake S. · Answer

Hey Steve! Do you know anyone who would privately loan it to you?