Buying property with cash

[Samuel Genung]

Hello all,

I will be looking at a property in a neighborhood that is in a great location for near future growth/very easy commute to downtown. The house is a 4-plex style that is very old and would need quite a bit of work. Let’s go with $100K in repairs. The only issue that I am finding is that the seller wants cash for the deal. I have used financing to purchase a house, but I have not used straight cash, which is making me a bit hesitant/not really sure how to move forward if say I wanted to buy the house.

Any help would be greatly appreciated.

[John Underwood]

You can use your cash, private money cash as a loan.

I'm sure you couldn't get a traditional loan given the condition of the property.

You can buy with cash, fix up and then do a cash out refinance.

I buy most of my properties with cash and it is much faster and less headache than jumping through the hoops that a bank requires.

Once you own it it will be much more relaxed to refinance it later.