refi? sale? Can you guys-n-gals help me?

[Joseph Bass]

So I’ve lost the Majority of my offers to cash buyers. I’ve saved quite a bit but not enough to Start cash bidding. I also have a 2\1 house here in Chattanooga tn. 895 a month rent, mortgage w/escrow is 510. According to my trusted and well decorated agent I could walk away from this house with 35k in hand. This also just happens to be very close if not perfect (depending on house) amount I need to start playing with the big boys on “cash offer”. So I guess what I’m asking is the loan I have now (at 3.5% Interest) be willing to loose that? What other options am I not thinking of. This is my only rental does it make since to sale so I can be a more competitive investor when I want to be a buy and hold guy? Isn’t that Counter intuitive? Or is it logical to loose a less Desirable 2/1 in exchange for a better bidding/offer Strength?

[Dan Beaulieu]

Originally posted by @Jeffrey Holst:

@Joseph Bass I feel like if you have a good relationship with a hard money lender you can offer cash and 10 days closes or whatever. You just need to make sure the lender can turn it around that fast. Most can. You don't actually need to say this is a cash offer just say I can close in 10 days or whatever with no financing contingency. And then as long as you know your market and your lender you are safe. But make sure you don't over pay and make sure your lender is legit.

Spot On. I always advise my clients to go ahead and make "cash" offers with a 7-10 day closing time. It's all the same to the seller, and local title companies do not care. It makes your offer just as competitive. Also make sure you're seeing some deals from local wholesalers! I usually forward the best ones on to my clients, and there are still some good deals being put out there by them.