I made an offer on a 2/1 in a military town, with the bank and it was accepted. Im cash poor and looking for a way to make it happen.
SFR 2/1
Accepted offer $47,900
ARV $ 90 TO $100,000
Repair cost $5,000
Rehabb time 2-3 weeks
HML agreed to loan $45,000 on it,
Have a 15 day escrow.
I have $3,000 cash and a friend with credit card willing to finance rehabb materials. I will be doing the work with a helper.
Exit plan (A) sell low for a quick profit (B) hold and rent for cash flow. Would rather sell to make money and buy another one.
How can i close it with my resources?
It sounds like you have all the pieces…
a property
an accepted offer
a loan plus down payment that cover the full price of the property
enough credit on your friends cards to pay for the rehab expenses
the only thing I don’t see is anything accounting for closing expenses. But, you could get these covered by the bank if you were smart enough to put it in your offer. Banks are willing to pay all closing costs most of the time.
Other than that, as long as you get the renters in there it sounds OK.
GooD LucK! :beer
Are yo talking about the bank i made the offer to, or the HML? Im not sure what you mean, Can you give me an example? Can i rewrite the offer to include it?
Thanks