I have a hard money lender that is willing to give 75k for a foreclosure property, as long as I have all of my bells and whistles in order. Meaning, great contractors and ETC! The property itself is 61k, but i was going to try and talk to them down to 55k, so that I'd at least have 20k for renovations.
(I'll also add that they're wanting an earnest money deposit of 15k---don't know if i should do it or not)
My question is, how do I pay for everything else without available liquid assets? Most of the time, when people advertise about coming an investor, they claim you can get started without using your own money. Well, I've taken care of some of that problem, how do i fund the rest? I'd still need to pay contractors, realtors, appraisers && ETC! Please give me some pointers. I'm also still researching because I'm new at this, so be easy on me LOL.
