I have a duplex under contract. It is bank owned right now and I have a hard money lender set up to provide me with the financing for the rehab, carrying costs and purchase. I need to bring $11,000 +/- to closing to cover the balance not covered by the lender. I am trying to line up another investor to loan me this money and carry a second lien position, so my costs would only be the earnest money($500). There is a huge potential profit on the backend after repairs, $50,000 is my conservative estimate.
I am thinking of trying to flip this to another investor since I may find myself in a bit of a time crunch here soon with other projects and my question is this:
When I find a buyer, can I close with the buyer first and then close with the seller an hour or two later and profit from the difference? If so, then do I still need the hard money lender? Do I still need any of the money for closing costs? Has anyone in Austin used Texas American Title for this type of transaction? ???
Thanks
Rob