Before you say 'you should have the money to get into a contract' I normally wouldn't be in this situation but I've just closed on a property that was all cash 2 weeks ago and a friend calls me on a property that's truly an amazing deal that I want to get into contract (has stable tenants renewing contracts above market, I can get for under market). I'm in process of selling another property with no mortgage now and have the financing lined up for the next purchase as I'll have ample equity in a few weeks. But to get into contract I need a EMD (which at the size of the new purchase is not small).
What are my options? I don't want to take out a personal loan if I can help it. And besides bridge loans, which I'm already looking into, are there any other creative ways to hack this?
