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Updated almost 12 years ago,
Not enough Hard Money to close the deal
Newbie here. I will greatly appreciate any advice or comment in regards to using Hard Money to purchase a fixer and hold.
Ideal Case: ARV $100g, purchase $50g, repair $20g with Hard Money lending of 70%. Close the deal, fix it and then do Rate and Term.
Question case: ARV $100g, purchase $60g, repair $20g with Hard Money lending of 70%. I'm short $10g to close the deal. My question is: Will the seller allow me to put in personnal funds of $10g or does the purchase have to come from a single source?
Thank you all for your time! I'm looking forward in doing my 1st Hard money deal!!