Private lending to buy foreclosures

[Abe Naroth]

I am new to RE 'investing'. Based in Katy, TX, I have a mortgage and my DTI ratio is 30%. I have roughly $100k in my emergency fund and would like to venture into foreclosures. However, I do not want to liquidate my emergency fund, but rather use it for repairs before I flip the property which I buy in foreclosures. I have a partner who can take care of fixes. Would any lender be ready to issue cashiers check for an amount which I request for ( to be used during the day of the foreclosure), with a lien on the property which we buy (the property is subjective to what we bid for and not definite). 

Pardon me, if this is a basic question - again, I am new here. 

[Jay Hinrichs]

Quote from @Jay Hurst:

Quote from @Abe Naroth:

Quote from @Jay Hurst:

Quote from @Abe Naroth:

Quote from @Jacob Sherman:

Quote from @Abe Naroth:

I am new to RE 'investing'. Based in Katy, TX, I have a mortgage and my DTI ratio is 30%. I have roughly $100k in my emergency fund and would like to venture into foreclosures. However, I do not want to liquidate my emergency fund, but rather use it for repairs before I flip the property which I buy in foreclosures. I have a partner who can take care of fixes. Would any lender be ready to issue cashiers check for an amount which I request for ( to be used during the day of the foreclosure), with a lien on the property which we buy (the property is subjective to what we bid for and not definite). 

Pardon me, if this is a basic question - again, I am new here. 

 To go to the auctions you'll most likely need to buy in cash as lenders will require an appraisal as well as go through a full loan process . If getting financing you may want to look on market or wholesale market 

@Jacob Sherman thanks. But, auction houses cannot be run through appraisals and we wouldn’t have enough time for all the process I believe. I am looking for  hard money lender to structure a deal.  

 That is why you need ACTUAL cash to buy at the court house steps. Not to mention a high level of expertise. Not at all for beginners. 

Thanks for your feedback, @Jay Hurst. I humbly disagree - it’s all about the process, checklists and the team. 

 Disagree with the fact that you need cash or expertise? or both? Just curious. 

OK thought I would pop in here.. I have done courthouse funding for many years for clients. 

there are a few of us that do this not many.. However to Echo Jay H.  which of course is my initials :)  the only folks that get this facility are highly experienced flippers that i have a long track record with. And we get paid a premium above normal rates to do this. I have done this in OR WA MS AL OH IN .. Have not done it in TX  but I understand the process is fairly straight forward.  Right now OH is my big player. With 3 to 7 deals each month.