10k about to be lost because of lender
Hello BP world !
Name is Rj just started getting into real estate investing. I am currently working on my 3rd deal but never thought this would happen. I am currently working on a triplex that we put 10k in escrow. I was going to use a FHA loan to house hack. My lender who I worked with before did not do a great job to say the least. They extended twice and want to do it again but the seller does not want to. I have looked into hard money which I used before being what I think is my best bet. I also tried to reach out to the seller personally to get that extension. They have no backup offers but stated they have people interested. I just don't want to lose 10k. Would the seller consider splitting escrow ? Any suggestions on how to go about this ?
The numbers are
220 under contract
15k rehab
230 as is
265 ARV
Appreciate it
Most Popular Reply
Lurkers: FHA loans aren't a good fit for folks with an existing rental portfolio, and aren't a good model match for fixer upper real estate... it's not really relevant in 2019 what a blogger in the midwest was able to pull off in 2012.