Updated about 5 years ago on . Most recent reply
hard meney with a sub 2
As a newbie with no money would a hard money lender allow me to borrow the closing cost and repair money on a property I bought sub2. The plan is to flip the property.
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- Real Estate Consultant
- Summerlin, NV
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#1 All Forums Contributor
- Real Estate Consultant
- Summerlin, NV
Nope... Need to marshal up some cash.. also if you have no money and I assume your saying you don't in the way you couched your question.. you should not be doing any kind of sub too deals.. being under capitalized is a sure way to get into trouble... NOw I know your not personally responsible for the debt but the seller is and you could ruin their credit if you could not perform... Sub too is a very dangerous transaction for a seller if the buyer is not financially sound.
This in my mind not a ethical transaction ... if your holding yourself out as some RE investor and talking a seller into selling to you., and they are too Naïve to check you out financially..
Again I am only taking what you have written.. but if that's the case and you have no funds.. then find a money partner before you waste a bunch of peoples time.
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