Retail Manager · Cumming, GA · Member since 2015 · 10 posts · 1 vote
A little background...I own a rental and a personal residence. I have flipped one house right before the real estate crash in late 2007. My rental has appreciated since 2008 when I bought in and I plan on renovating and selling for a good profit. I'm selling my own house and because of great location and renos I should make a good profit on this as well. If all goes well, I should have $90,000 in the bank after finding a new residence with down payment and all expenses paid off, etc.
Question is...with $90,000 in the bank, what is the best way to finance deals? I would like to also buy houses through auction. Thank you
I'm wanting to have all options of buying real estate including auctions. I've never been to an auction in Georgia, but I assume you need all cash. I will be looking at houses for sale that exceeds my cash reserves. What is available out there? Is there loans from conventional sources that I can use other than the standard mortgages, does hard money provide you with cash up front?
in your situation it's going to be private money (friends, family, investor) or a hard money lender. I haven't yet met a lender bank or HML that would front cash for an unknown property at auction. If you have access to a line of credit, you could tap that... but most lenders want real information about the property being purchased.
PM me and I will provide you a copy of our loan products. We are a National Private Money Lender with short term financing for flip and long term for those rental properties.