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Updated 9 months ago,

User Stats

24
Posts
2
Votes
Jorge Armas
2
Votes |
24
Posts

I found a deal now I need 150K cash

Jorge Armas
Posted

Hello BP,

I had the opportunity to start my REI journey by buying a Co-Op apartment close to the beach a few months ago. I bought it in cash since it seems most banks don't work with Co-Ops. I did a HELOC on my primary property to buy this one, which I rent and the cash flow is good. Now I have the opportunity to buy another co-op (the one next to mine), but I don't have more cash. The asking price is $150K.

Do you know anyone who can help?  I have the deal under contract to close next week. I will lose my deposit if I don't have the money by next week. It seems banks don't lend to co-ops when is less than 200K. This lady also has another one in the same location that will be selling in September. 

Any guidance in this matter will be greatly appreciated. Already worked with 3 lenders and none of them was able to help. 

Thank you!

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