How to get Financing for Foreclosure.

Question

Where would I get Financing to by a Foreclosure so I can Rehab and Rent?

Mitch Messer · Answer

Hey @Jeremiah Belin, welcome to BiggerPockets!

I would not recommend you trying to finance a foreclosure until you've had a bit more experience.

Foreclosures are generally sold at the court house steps for cash, so there's usually not enough time to get bank financing.

That leave private lenders, but without these relationships already in place (and a solid track record) that's not a viable option yet.

Instead, I recommend you get very good at recognizing (and creating) great deals, and then wholesale those deals to build your cash stockpile.

Jeremiah Belin · Answer

@Mitch Messer In my market Wholesaling wouldn’t work. I plan on getting my first rental property by seller financing!

Kim Martin · Answer

I use a home equity line of credit but many people use hard money lenders.

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