I would like to buy a property for $170T. I believe the appraised value is $195T to $220T which is about $25T+ equity. How do I get financing so I can cash out on this deal upon closing? Is there such thing?
I would appreciate any suggestions.
Thanks!
The only ways that I know of from my wife
(she’s a mortgage loan officer) are:
- get the seller to raise the price and give you the difference, of course they would be taxed on it so offer to take care of that, this situation could be tricky but is done all the time.
2)If your not going stated income on the loan you can refi right after you close, otherwise 1 year.
How do I execute it? Do we need any documents that state any credits that I should be receiving after the sale? Also, the seller owned the property for 4 years now. So, I don’t think they will have to pay taxes from the sale. Am I right? I would appreciate more responses about this deal.
Thanks!
I am not sure exactly of the process but if you pm me I can forward you to someone who can.
Also my cousin was in a similiar scenario but what he did was just buy the house and got an investor to lend him the money on the difference .
Ok, looks like I’m gonna have to buy the property for $170T and get a HELOC. But if there is a more effective way of doing this, I’m still open to suggestions. I wonder if it’s wise to use hard money lenders.
Thanks!
yes , was just gonna say that too…there is always a heloc, depending on your credit of course.
By the taxes I meant, your are taxed on what you profit so that extra money they sell for would increase their taxes due.
A way to avoid taxes are putting into a new home, but they wouldnt be doing that since they would paying you.
If your credit is good I would get the loan and grab a heloc, alot simpler.
Only use hard money when you have to, I dont see the need in your situation, grab that heloc.
Good luck and congrats, thats a decent little profit there.
Thanks rbw.
No problem.