I am a beginer in the real estate investing world and was hoping someone could help me. I have had a real estate agent looking for some rehab properties for me and she informed me that she had a great deal on a property, but was a cash deal because it was going into foreclosure. It is priced well below market value according to her comps. The problem is I dont have 70,000 in cash. So my question is where would I be able to get that kind of money? Should I try a hard money lender or will they only loan you money for rehabs? Or how about private lenders? If so where would I be able to find them?
I am located in new jersey if anyone could share thier thoughts.
Thanks Tom
I might be able to help let me now a little bit of info.
closing Date
Credit Score
Loan Amount
Money Down
Ect
Have you thought of taking a heloc off of your other property?
Let Me Know
If your goal is to immediately sell the property or refinance after purchase to get cash out, then hard money is the quickest and most convienent source to you. Typically they can fund up to 100% of the purchase if withing 75-80% of the value.
Thanks for your help :). I will get u that info cubbage 24.