I just lost out on a house to some paying cash. It got me thinking, can I buy a fixer upper with a hard money loan, in order to make a cash offer?
Seems like this will greatly enhance my chances of actually getting a home my market. Could I then use additional hard Kirby funds for renovation and then sell the property to myself
And get a congenital mortgage? What would that process be like?
Hey Bob, Yes, my realtor actually did this a few months back. Bought a home with a hard money loan expecting to flip it, the flip took longer then he would have liked and he decided that he could rent it out for a decent amount. He then refinanced it into a conventional loan after owning it for about 5-6 months.