Pre-Foreclosure | Hard money
I'm new to this world (haven't had any deals yet). Wondering if this a viable strategy:
I'm looking at pre foreclosures with enough equity that I can offer to pay off the loan, give the owner some cash and still make a profit after rehabbing the home.
At this point I obviously don't have the cash needed to do this on my own. Is this the type of "flip" a hard money lender would be willing to fund?
an example with numbers would be:
ARV = 300k
amount owed to lender 50k
I would offer to purchase the house for 100k - 50k for the bank and 50k for the owner.