I would like to assign, or wholesale a few properties in the next couple months to pay off my credit cards, car, and save a little for doing my own rehab.
Whats going to be the best choice for financing in the event I cannot find a buyer to assign the contract to before closing?
I can get a 10% down, interest only loan (if I approve) from my bank lender (same company I financed my primary residence with and have no late payments)
What do I need up front before I make an offer (and be confident I can buy the house if I cant assign it)? Is there a way to be certain you will get a loan before you acually get it? When I got my last loan I had to write a letter regarding each late payment hit on my report, of course I didn’t find out til half way to closing.
I don’t have the 10% to put down, so that loans not a very good option anyways. I have very little money to put twords carrying the home (which is why I’m waiting to rehab in the first place).
Whats my best source of funds in the event I need to close in 14 days, but don’t find a buyer for 30? Is there a problem with paying off a loan a month after you get it?
Some will say if you can’t find a buyer then its not a god deal, while I’m sure thats true for the most part, I’m sure there are also exceptions. Can I get a HML in the works as a “what if” clause?
I’d assume if I can’t wholesale the house in 3 months then something is wrong, and I am likely to lose money, but whats my best option for this situation?