I am having some trouble coming up with money for a property.
Its a homepath 30k home that needs significant updating...not worth flipping but im a buy and hold guy and its right down the street from my other investment and i can rent it out for around 1k a month.
Ive had my family contractor look at it and he is sure for 10k he can fix it up and make it safe and rentable and then I can do the cosmetics.
I wanted to submit an offer to the agent for 21k which i would come up with from savings, gift from parents, and a personal loan(if i qualify). I was told though to submit an offer I would havta show in my bank account i have all the cash. I do not want to go to all the trouble of doing all that just to hear them say nope. Because im not going to do 30k. Thoughts? Help? What are some other ways i can come up with the money for this place?
One option is the do get a pre-qualification letter from every lender stating that they will loan up to X amount of dollars on the property. You can use multiple letters as long they add up to the amount needed and make it clear that you're going to combine them to pay for the property. That should work, but no guarantees.
I agree get a prequalify letter and use that...that doesnt mean you have to use that lender or financing but it shows u can.
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