NEED creative ways to cash out with competitive % on re-selling

[Boone Bergsma]

A real estate partner and I started Investment Group Properties LLC to start a real estate business. We just purchased our first fix&flip on 9-18-19.

Our LLC purchased aproperty for $162,000 with 100% financing with the purpose of fixing it up with about $40,000 and flipping it for $270,000+. And then splitting the profit 50/50. It was to be the launch of our real estate business and first of many flix&flips hopefully.

After closing and starting on the new roof, my real estate partner shared that he would love to live there because of it being right next to his son's school and on his work route as a transit driver.

We came to a deal that we would sell it to him for $225,000 to pay off the $170,000 loan with Intrust Funding, also recover out of pocket rehab investments already paid and finance the remaining rehab wok, and cash me out for $12,000.

But conventional lenders aren't treating it as a new purchase. It seems all conventional lenders consider it refinancing since we are both on the title and they want six months seasoning.

We want out of the hard money interest rate and for my real estate partner to have a competitive rate on a longterm mortgage now, not in 5 more months from now 10-15-19.

Please share any other creative ways we could cash out this property with competitive interest rates you can think of. Thank you for your time and thoughts!

Best wishes,

Boone