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Updated over 9 years ago on . Most recent reply

User Stats

31
Posts
17
Votes
Keith White
  • Investor
  • Salisbury, MD
17
Votes |
31
Posts

Beginner....funds tapped until closing in 2 wks but want to offer on another house?

Keith White
  • Investor
  • Salisbury, MD
Posted

To begin bare with me if my questions or ideas don't really make sense as I'm still very green in the investment world. I have partnered in a few flips before and have done one flip on my own so far.

 I currently have a house that we have accepted an offer, gone through inspections and apprasials everything is good to go and settlement is set for Aug. 3rd, I also have another property that has gone through the inspection process no appraisal since its a cash offer but no settlement date set yet. 

My question is until the one house closes on the 3rd my funds are tapped, I want to make an offer on a bank owned property but I know it is going to have to be a cash offer. I will be receiving roughly 100k cash back on the 3rd and this property I'm looking at I would need around 35-40k range in order to secure. What options do I have here as I can't show a proof of funds as it is not in my account yet and the house that is closing is not in my name but my partners. I could prob find a private lender to loan me the money for the 3 weeks until we close on the other property but since the funds haven't been in my account for 30 days would that still be considered a cash offer on my part?

Thank you for your help and any suggestions or questions are welcomed 

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