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Updated almost 4 years ago,
Help After Investors Backed out while in contract
Hey Guys & Gals!
My business partner and I finally got our first property in contract in Phoenix, Arizona. We are planning to BRRRR the property and lined up a few investors to fund a portion of the property/renovations. We structured the investments as a hard money loan with a high interest rate on the money the investor brought, but now that we are in contract, two of the investors unexpectedly needed to back out of the deal - My business partner and I were relying on that money in order to not bankrupt ourselves for our very first deal - We already have the loan process started, so we won't be able to get a hard money loan either - So I guess my questions are:
1. Is anyone out there interested in possibly investing in the property?
2. Any advice on other routes we can take to get cash for renovations on the property quickly?
Thank you for any help!