Engineer · Indianapolis, IN · Member since 2015 · 6 posts · 0 votes
I'm new to investing and looking for some advice. There is a foreclosure SFH that is going to auction this month right down the road from me and I'm trying to use transactional funding or creative financing to buy the house. I have ran the numbers and know what I would need to buy it at to make a profit, plus I already have a buyer. How would I go about finding money without using my money to buy it then resell it. I was thinking a hard money lender but they usually don't do that type of loan. Or am I going about this the wrong way? Thanks before hand for any advice. I love BP!!
Real Estate Professional · West Palm Beach, FL · Member since 2012 · 23k+ posts · 13k+ votes
10y
You'll need a money partner, not a lender. Transactional lending is for when you have a double close set up, and the end buyer's money is in escrow Before the transactional funds are released, different than buying at an auction.
Real Estate Agent · Las Vegas, NV · Member since 2015 · 2k+ posts · 1k+ votes
10y
to buy at auctions you must have a certfied check for purchase.the second problem is you have no way of knowing if you will win the property at auction or if it even goes to auction,third problem is you don not know of how many liens are attached to property. The best way for you is to go to auction and approach the winning bidder and ask ifyou can make a assignment fee to your end buyer
Engineer · Indianapolis, IN · Member since 2015 · 6 posts · 0 votes
10y
Thanks guys for your input, it is really appreciated. I'm going to try what you suggested Steven, talk to the winner of the auction. Learn something new everyday, love it.