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Updated almost 10 years ago on . Most recent reply

User Stats

48
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0
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Mel Rosario
  • Real Estate Investor
  • rancho cucamonga, CA
0
Votes |
48
Posts

trying to make all cash offers now

Mel Rosario
  • Real Estate Investor
  • rancho cucamonga, CA
Posted

This strategy I'm sure has been discussed in  some form or another.

I just lost another bid (probably my 13th in over a year, none of the properties I placed a bid was in market for more than 2 weeks) to an all cash buyer despite full offer on my part.  Why do sellers accept all cash buyers even at lower offers?  When a deal closes, even if it was set at 15,30,45 day escrow, the sellers will still get my money.  I have great credit.  Are these sellers naive or is cash really king?

anyways, my questions to BP; is this a good way of raising capital? 

1.  refinancing my properties and get the cash out so I can buy a property all cash.  Refinance new acquired property 6months to a year later and pay down some loans again.

or

2. take HELOCs on properties, when a desired property is identified, use the HELOC money to by all cash, refinance 6months to 1yr later and pay off the HELOCs?

3.  take 4-5yrs to save  a sizable downpayment and hopefully someone will accept an offer

I'm just frustrated and trying to come up with funds without a partner or hard money loans.  I think I can come up with cash to offer on a property.  If I'm lucky, because it is cash, I can get the property lower than asking price and when refinancing, hopefully can take out more cash.

I don't know, please advise BP

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