Cash or Mortgage for Quick Deal

[Trey Wilcox]

I recently graduated from the University of Georgia and am now working full-time with a redevelopment company as a property manager. My lease for school expires at the end of July and now seems like the perfect time to buy my first home/investment property. I have a couple buddies who want to rent out the extra rooms from me but I need to find a place quick. I have a private lender who would pay cash if he agrees the deal is good. I'm worried I won't be able to find a deal before my lease is up that he agrees will provide value to both of us. Should I be prepared to take out a mortgage and settle for a deal that may not be what I'm necessarily looking for because I am on a time crunch? Thanks for any advice!

[Aaron Smith]

@Trey Wilcox July is a long time - you can find and close a great deal within that time frame if you're in a reasonable market and you're not looking for something that requires major renovation.

Once you find something you should be able to close on it within 45 days and do any necessary repairs within a couple of weeks, assuming the property is in good shape. That gives you at least 4 months to find your deal.

Commit to it and go get some! Good luck!