Potential Deal

General Real Estate Investing
1

I need some advice on a great deal from someone.

I need some cash fast in order to take care of some late bills.

I have a home under contract for 240k. It appraised after minimal cosmetic fix-up at 313k.

Should i just wholesale this to another investor for 5-10k or get the house, refinance to get the equity money out for my pocket, and find a tenant? If i choose to refinance, should i go hard money lender or mortgage broker/lender?

Remember, i do not have any cash for fees, closing costs, application fees, etc.

Some good direction would be very helpful in this situation.

2

If you pull a loan (hard money or otherwise) how are you going to pay the monthly loan payment until you sell? How are you planning to cover holding costs with no cash in your pocket? With the re market cooling off, more inventory and longer times on the market in most areas you can probably plan on more holding costs. I wouldn’t go that route if I were you unless you plan on holding back at least some of that cash to pay the monthly bills for the holding period.