Buying Cash Only Property Without Cash

[John E Ceisel]

Hello BP!

A condo (in a building I already own several units) is going to be put up for short sale in approximately 2 weeks.  The seller, knowing that I already own there, offered to sell to me cash before going to market.  

Unfortunately, the recent gut remodel of a triplex I bought has drained my cash funds.  It would be a shame to see this one go to another investor as I almost own the majority of condos in the building.  I offered a rent to own option (and to bring their mortgage into good standing), but the seller is not interested and only wants cash.

I think a standard mortgage is out of the question in the short time frame.  I'm in California and the cost is approximately $155k for the condo (plus I'll need $10k for the renovation).

Any ideas on how I can fund a cash purchase?  I understand hard money typically doesn't lend 100%.  I have sufficient equity in some condos I own to cover $155k -- however, since they're rentals I have had a hard time pulling money out of them through standard financial institutions.

Any ideas?  Looking for a creative way to generate funds to pay 100% cash on this investment property.  Thank you.

[Gerald Harris]

go down to the local Real Estate investment club and find an investor who wants a nice return.   Structure a note with the investor.  Make sure monthly rent will be greater than the payment you make to the investor.   Let the investor know you own others and bring him in as a cash/note investor.   You can always refi down the line pay him or her off.  

Just make sure monthly rent justifies the deal.  

Good Luck