Updated almost 2 years ago on . Most recent reply
Divorce - I need your brain power (Creative Financing)
I'll try to make this short and clear, but there are a lot of moving pieces.
I own 4 pieces of property but I'm going through a divorce.
2 of them will be sold and I'm attempting to keep 2-- some VERY desirable land and a STR.
I need to pay off my lawyer fees before all the houses sell and qualify for these properties. Essentially I'm not liquid enough to make this happen.
My plan is to refinance the land with hard money, pay off my debt (40k) with the cash and then take over my rental property. Exit strategy on the hard money is either refinance or (worst case) sell.
Am I missing something? I keep thinking there are other creative things that I'm missing.
In theory I can assume I both mortgages without refinancing which would be ideal. But I don't know where I can find private money for the 40k I need which is why I'm looking at hard money.