Using private money or hard money at auctions

[Account Closed]

Hi Community,

If I wanted to buy a tax deed property, could I get hard or private money for that?

The way the county does it is I have to pay 10% cash up front, then I have 3 days to pay the rest of the money.

1. Is 3 days enough time to get a hard money or private money loan?

2. What’s the best place to find a lender for this type of purchase?

3. If the lender spotted me 50k, and I did all the rehab work, does a 50% profit split seem reasonable?

Thank you...

Ben

[Reuben Gathright]

@Account Closed

Questions For You:

1) Which county and state are you looking to buy a tax deed property in?

2) Has the county performed due diligence and issued title insurance on the tax deed they are selling you so that you can assure your lender you are buying a clear title for the money they loaned you?

3) In the county you are working, are you certain you have the right to enter and renovate the property immediately after purchase of the tax deed?

4)  What are you going to do if the tax deed property you wanted is bought by someone else at auction?

5)  Have you visited and confirmed that no one is living in the tax deed property you want to buy at auction?