Rental Property Investor · Pennsburg, PA · Member since 2019 · 19 posts · 2 votes
Hello,
I am working on getting financing together and am looking at private money. How does it work specifically if I want to use it for a cash buy then refinance later?
Specifically if I were to borrow from a family member's HELOC how would the actual transaction of money transfer work? Could I wire money or a certified check directly from their HELOC or does the money need to be in my name (even if for only a few minutes) before transferring to the seller?
@Spencer Gysi on a cash purchase it does not have to be in your name. It will have to arrive at the title company before closing. Check and see how much time it has to be there. I was buying a house in cash in PA and then problems developed with Inspections and didn't complete. They will not issue a check but will send it back to the account the money came.