Single-family residence fix & flip investment.
Purchase price: $140,000
Cash invested: $200,000
Sale price: $277,000
Bought at the sheriff's sale.
How did you finance this deal?
Cash, then did a cash out refi with our hard money lender.
What was the outcome?
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Scot Howat (realtor)
Jeff Howat (home inspector)
@Scot Howat Congrats on the successful deal. Question for you...when you say you did a cash out refi with your hard money lender what do you mean by that? I know what a cash out refi is and I know what a hard money lender is. I would normally think that the hard money lender is used in the earlier stages of a project then you'd refi with a long term loan through a more conventional lender?
I bought this at the auction, so I had to pay cash for it. Once I had the deed, and recorded it, then I went to my hard money lender and had him cash me out so that I take those funds and try to buy another deal before this one was done.
good insight scot and great work!
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