I am a new real estate investor who is looking for some advice. I have a property that I am very interested in: Legal 2 Family ($480) needs work of $50M
Seller won’t assist in financing. I have $50m in cash for this project. If I use it for the mortgage & closing I have nothing left to fix the house.
What are my options?
Any Advice would help…
buy for your cash then refi close both the same day there for you use none of your cash to little of your own cash.
closeing twice simotaniously get you out cash as well you could even net profit ;D
Keep your cash for quick super deals where the only way to do it is write a check. On this deal borrow all the money either at a bank or hard money lender(HML), Make your sales contract subject to the loan approval and funding. Include fix up funds in the loan application. Most HML’s will loan only 70% or less of the as repaired value. Check this board for HML’ers Go for it.
Good luck and thank you,
Ted P. Stokely Jr
11505 Sw Oaks
Austin, Texas 78737