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Updated over 3 years ago on . Most recent reply

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28
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Breelon Bryant
  • Jackson, MS (jackson ms)
9
Votes |
28
Posts

Investor went Ghost on me: Now what?

Breelon Bryant
  • Jackson, MS (jackson ms)
Posted

Hey Family. So I got a deal on this Single family converted into a duplex. Me and another investor were supposed to go in on it together. I am supposed to put up 10% of the ARV and he funds the other 65% which covers alot of the rehab and have the other 25% for the refinance. So I know him and met him for multiple times now and the house is supposed to close this friday. I can still buy the house(distressed) cash but unsure about the path to get funding for the construction portion. Should I close first then get a construction loan? <———If so should I put it in my name for easier bank funding or put in LLC? OORR Should I get a hard money lender to buy and fund the deal? Appreciate any help and funding references as well. Thanks

Most Popular Reply

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3,967
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Greg Scott
  • Rental Property Investor
  • SE Michigan
5,674
Votes |
3,967
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Greg Scott
  • Rental Property Investor
  • SE Michigan
Replied

If the numbers work, I'd seek out hard money.  You may be better off than when you had your partner.

  • Greg Scott
  • Loading replies...