All Forum Posts by: Kipp S.

I've spoken to a couple lenders and because of a short sale I have to wait at minimum of 2 years from when the short sale closed which would be Jan 14.

Yes the house will be my residence.

I just can't believe I can't find money to do this deal either with a bank or investor. Seems like a pretty solid deal. I'm putting in $50K of my own money and collateralizing (not a word?) my free and clear home. As far as risk seems like it's me that's taking all the risk. From a lenders or investors point of view my defaulting would be a bigger financial gain than if I payed off the loan.

But I guess that's how the banking industry works, if it makes sense they refuse to do it.

I am trying to figure out if there is a private investor option for my situation.

I currently own a home free and clear that is valued at $235K

I am wanting to purchase a home for around $400K that will appraise for that price.

I have $50K cash to put into the deal. The home that I own can't be sold until October as that is my 2 year mark to avoid capital gains.

What I am trying to do is purchase this home with $50K cash down, use both my free and clean home and the home I am purchasing as collateral.

Then when my home sells in Oct - Dec. apply the proceeds to this loan I have on the home I am purchasing.

To start I would need around $350K or so. My collateral would be $635K in real estate. Then once my home sells the balance would drop to about $150K with the $400K still as collateral.

Is there a deal in there that would appeal to an investor? I could pay the remaining $150K off in 6-8 years and was hoping to have an interest rate of about 8%.