Cash Closing - Then Finance

[Clint Gaskins]

I am considering closing a property with cash to get the best price and to expedite the deal, then taking it to a local portfolio lender to pull a loan. This, allowing us to remove the cash from the deal and move on to the next. Can this be done? Can you close the property with cash, then pull the mortgage? Is this scenarios the same as closing a property twice or completing two sales?

[Jesse Sumner]

Form a relationship with a lender at a local community bank. You may have to start our small or set up a checking account and let them get to know you. However, once they are comfortable with you as a borrower and your abilities, there are plenty of ways to finance your properties.

I purchase and rehab my houses on a line of credit. Once the repairs are completed and I have a tenant in the property, my banker will loan me 80% of the as repaired value. Therefore, I am able to get most if not all of my money back out of the property. Rinse - repeat.