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Updated about 8 years ago on . Most recent reply

User Stats

7
Posts
4
Votes
Eric Whitaker
  • Indianapolis, IN
4
Votes |
7
Posts

HELP 2 of my silent investors walked away while propery in escrow

Eric Whitaker
  • Indianapolis, IN
Posted

NEED HELP ASAP!!!  I have a property in escrow in Fountain Square area of Indianapolis, IN. I am partnering on this deal with my contractor 50/50. My "50" is/was being funded by 4 investors each putting up $20k to equal the purchase price of $80k. The property had a very old mortgage lien showing on the title work that has been recently cleared due to it being a clerical error by the county recorder. But, during that 4 week process of getting the title clear, 2 of my investors have walked away to use their money else where leaving me $40k short. Hard money lenders, that I have talked to, won't lend on an "as is" property since I am not borrowing for the construction cost of the property as well. I have about 10 days to provide a proof of funds letter to the seller or else I will lose my escrow money. Anyone have any ideas on where I could find this money?

Most Popular Reply

User Stats

3,042
Posts
1,770
Votes
Brandon Sturgill
  • Real Estate Broker
  • Columbus, OH
1,770
Votes |
3,042
Posts
Brandon Sturgill
  • Real Estate Broker
  • Columbus, OH
Replied

@Eric Whitaker so, you are in at $160k as is...and the ARV is $190!!?? Does the $160 include the renovation?

  • Brandon Sturgill
  • 614-379-2017
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Realize Property Management Group
3.5 stars
13 Reviews

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