Skip to content
×
Pro Members Get
Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
ANNUAL Save 16%
$32.50 /mo
$390 billed annualy
MONTHLY
$39 /mo
billed monthly
7 day free trial. Cancel anytime
Private Lending & Conventional Mortgage Advice
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 5 years ago on . Most recent reply

User Stats

1
Posts
0
Votes
Joel E.
  • Rental Property Investor
  • Madison, WI
0
Votes |
1
Posts

Sold Home w/ accepted offer- way to get a short term advance?

Joel E.
  • Rental Property Investor
  • Madison, WI
Posted

I have a investment property in Wisconsin- Rental property - that I just listed for sale and have confirmed offer/buyer. 
The plan is for it to close on Jan 28th. In the meantime I wish I could be tapping into some of the equity to handle things through the close 5k - 10k loan for a month or so would be a help/until the closing. Any advice on this? My credit score is around 620 because of cash flow being a little tight. So getting a unsecured personal credit line would be hard to do. 

Home Paid for it $203.000
1st and 2nd Mortgage $168,000 left
Confirmed offer - and have bank approval letter for the buyers $269,000 

Renters moving out before the close - good renters, won't have any issues with the move-out.

Equity would be at 100k available

No issues really with the home - and the buyers are very much on active on this sale. 

Thank you for your time and look forward to hearing back from you.

Most Popular Reply

User Stats

7,819
Posts
9,682
Votes
Bill B.#3 1031 Exchanges Contributor
  • Investor
  • Las Vegas, NV
9,682
Votes |
7,819
Posts
Bill B.#3 1031 Exchanges Contributor
  • Investor
  • Las Vegas, NV
Replied

Or a cash advance from a credit card maybe be your cheapest answer. A title loan would be second. 

Just make sure the earnest deposit has gone hard so if they back out or hit you with $20k in “found” inspection problems you can pay back high interest short term loans. 

Loading replies...