Skip to content
×
Try PRO Free Today!
BiggerPockets Pro offers you a comprehensive suite of tools and resources
Market and Deal Finder Tools
Deal Analysis Calculators
Property Management Software
Exclusive discounts to Home Depot, RentRedi, and more
$0
7 days free
$828/yr or $69/mo when billed monthly.
$390/yr or $32.5/mo when billed annually.
7 days free. Cancel anytime.
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Private Lending & Conventional Mortgage Advice
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated about 5 years ago on . Most recent reply

User Stats

1
Posts
0
Votes
Joel E.
  • Rental Property Investor
  • Madison, WI
0
Votes |
1
Posts

Sold Home w/ accepted offer- way to get a short term advance?

Joel E.
  • Rental Property Investor
  • Madison, WI
Posted

I have a investment property in Wisconsin- Rental property - that I just listed for sale and have confirmed offer/buyer. 
The plan is for it to close on Jan 28th. In the meantime I wish I could be tapping into some of the equity to handle things through the close 5k - 10k loan for a month or so would be a help/until the closing. Any advice on this? My credit score is around 620 because of cash flow being a little tight. So getting a unsecured personal credit line would be hard to do. 

Home Paid for it $203.000
1st and 2nd Mortgage $168,000 left
Confirmed offer - and have bank approval letter for the buyers $269,000 

Renters moving out before the close - good renters, won't have any issues with the move-out.

Equity would be at 100k available

No issues really with the home - and the buyers are very much on active on this sale. 

Thank you for your time and look forward to hearing back from you.

Most Popular Reply

User Stats

7,625
Posts
9,504
Votes
Bill B.#1 Real Estate Deal Analysis & Advice Contributor
  • Investor
  • Las Vegas, NV
9,504
Votes |
7,625
Posts
Bill B.#1 Real Estate Deal Analysis & Advice Contributor
  • Investor
  • Las Vegas, NV
Replied

Or a cash advance from a credit card maybe be your cheapest answer. A title loan would be second. 

Just make sure the earnest deposit has gone hard so if they back out or hit you with $20k in “found” inspection problems you can pay back high interest short term loans. 

Loading replies...