Getting Cash Back

General Real Estate Investing
1

Hi all, thanks in advance for any suggestions you may have. I am looking at a 3 bedroom 1 bath row house that I will acquire for $25,000 with estimated fixup costs of $10,000. ARV is $52,000 based on comps sold in the last two months.

Seller wants a cash offer. Fortunately I have the cash available to cover purchase and fixup costs. If I do a cash offer, what is the best way to quickly replenish this money back into my money market account?

Also, if I acquire with cash and than subsequently refinance the property based on ARV, do I incur double closing costs such as title insurance, etc.?

Thanks

2

Yes…but refinance closing costs are a lot lower than purchase costs. You’ll already have title insurance but may have to pay a ‘re-issue’ rate…

Keith