I found this property worth at least $275k to $300k which I will have under contract (assignable purchase option) for a $217k purchase price (assuming the home inspection report comes back clean). I am a licensed real estate broker so I know that my numbers match up and that it will cost me another 17k to sell this property within a month (for buyer’s agent cost and to pay closing cost for the buyer). I have 20k, but I need to find the rest of the funds and have it paid the owner within 15 days to own the house and flip it.
Any ideas on where to get around 200k fast (taking out a loan on one of my properties or even this property will take too long). If I can’t come up with the money, I’ll be forced to assign this contract for only 10k to an investment group. Worst case scenario, I do not meet the contract deadline and lose my $1 option fee and two days of research. My three money partners have either withdrawn or invested elsewhere.
Thanks in Advance.