Creative Finance Question for WholeSalers
Wholesalers. You're used to doing a short term deal for a decent return on your time and leg-work. I have a hypothetical scenario that would go into the category of creative finance.
Buy and hold property for sale off market for 38,000, banks and PML's shy away because of the low dollar amount. HML's typically won't fund a buy and hold transaction. As a wholesale type person, would you take on a short term financing deal for about the same return as a whole-sale deal, but in this case it would involve funding the purchase of a property?
The information that I've gathered from banks, is that they would refinance the property, but they wouldn't fund the purchase. So if the property was purchased, then refinanced then it would be short term funding, decently quick turn around and a decent return.
Is this far-fetched and kooky, or do you think it would make sense for the right "wholesale investor"?