I need advice on a investment property

[Gerald Mcmillan]

My friend's mom wants to sale me her property for 50k but it's worth over 100k plus. But she's behind 3k in taxes which is due by the end of this month. I want to buy it and keep it as a rental but if I can't I'll just wholesale it but I rather keep it. My problem is lack of funds,is their any tips or strategies I can use to come up with them money and keep the property?

[Jonathan Bombaci]

If you want to use it as a rental and you have that much equity in it then I’d say talk to a local lender but it’ll take them 30-45 days to get the loan together. It sounds like you need the $$ faster than that which means I think you’ll have to go with a hard money lender. You can find them on this site, interest rates will be higher but when you need money fast they are the best option. 

Do you have a renter lined up for it? Will your mom stay in the property and rent it? If not then you’ll want to find someone quick to show what the rental income is going to be. Then use that to finance the property through a bank and payoff the hard money lender as quick as possible.