Rental Property Investor · Houston, TX · Member since 2014 · 18 posts · 2 votes
i have run into this problem constantly which has prevented me from purchasing a few $50k and under partial distressed homes for a quick flip or rental. i recently applied for a hard money loan and have no problem qualifying, however they want me to have $15k-$20k liquid in cash just to purchase a partially distressed home of around $30k-$50k. i have around $5k liquid in a bank account, $60k in a retirement (not liquid). i am going to do most repairs on my own using a credit card with $10k limit. is there any financial options out there to finance fairly inexpensive homes that need a few repairs being done by the owner and with no or very little down payment and excellent credit?
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@jeff kehl, my retirement account is a government tsp. they are very difficult to withdraw from and i already have a previous withdrawal which exempts me from any future withdrawals until the initial is paid off. however one hard money lender stated i may use a credit card that has $10k available as proof of liquid assets to allow me to qualify on a loan. i am not sure how true that is but i will try.