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Updated about 9 years ago,

User Stats

14
Posts
1
Votes
Matthew Louks
  • Investor
  • Saint Louis, MO
1
Votes |
14
Posts

Cash Poor, Plenty Equity, What to do?

Matthew Louks
  • Investor
  • Saint Louis, MO
Posted

Being short on capital and need cash or financing asap. Please help me figure out my best options. My primary residence was just refinanced with 80% LTV, worth 144k, note for 115k. I have a duplex rental worth about 170k with a 123k note. I also have a flip that I owe 40k on through owner finance on contract for deed, and is worth 125k. It is currently listed and has only been on the market for 2 weeks. I currently have 37k in cash between my business partner and I.

We are trying to buy a property and need to move fast as our market is heating up quite fast. We have an offer in on a homepath home and have been countering back and forth. We are going to end up paying between 42-45k for the property and 2k in closing. There is also the need of having 45k in renovations to be done. We are a new startup and most banks do not want to lend to us. We are looking to rent this home out when done and do a cash out refi after 6 months. 

As a startup with minimal history beyond buying and not yet selling our first flip, what might our options be to finance this deal. I'm positive that we would be able to find the remaining cash for acquisition, however the rehab is another question. Our private investor is not interested in loaning on this project as it is a buy and hold, not a flip. Any ideas are much appreciated

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