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

8 Replies

i don't.  Everyone I know has their money tied up in retirement accounts and they don't want to touch that money.  I can't convince them that the risk is lower than what they are getting.   It's a very high level of trust needed to get someone to trust you with that kind of cash.

@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 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.

@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...