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Updated 10 months ago,
I'm a broker w/$2M (ARV $3M) & $700k (ARV $1M) listings... how do I buy myself?
I have these two listings that have strong upside, and I would love to buy them myself, but I don't have the capital. I also have a list of other great properties that I'd do the same with. The problem is that I can't get a loan - I'm too good at taxes, and don't have enough income to qualify for conventional products, and don't have enough portfolio, cash/flow, or experience to get hard money. Any suggestions?
Ideally I can work with an investor who shares the vision and has more leverage, but I don't know this person. I have a very investor-friendly contractor (who offers pay-at-close in addition to conventional), and good clients who would be open to unconventional sales. If, for example, I could get hard money to purchase/repair and pay off in a year, I'm confident I could do so without loss, but only if the payments could accrue in the background, collecting interest, without being paid until the house sells. Is this possible?
I have a part 2, which I'll post separately, involving wholesaling.
Cheers!
Adam