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Updated over 4 years ago on . Most recent reply
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Financing for a Great Bank Owned Property - What are my options?
I found a very attractive bank owned property that will go up for auction in a few days. I am planning on utilizing the BRRR strategy with holding it in mind for continuous cash flow once I refinance / pay the creditors. In reviewing the opportunity, it advises "cash-only", no hard money loans or a home line of credit. I have the money for the deposit, however I need to show proof of the funds within 2 business days of the purchase. Is my only option finding a "private lender"? Can anyone think of any other financing options or have done this before? I just don't want to pass up this great deal or at least trying to go for it!
FYI - I do have about $230K or 61% equity in my current residence and about $50K of liquid assets so the funds are not an issue, the timing is though. I need about $150K in financing immediately for this opportunity.
Thank you for the advise!
- Andrew Freed
- [email protected]
- 857-267-6556
- Podcast Guest on Show #69