If I negotate a short sale with the lender of say 60,000, and I buy with cash from a hard money lender, can I then turn around and finance the home in my personal name for 100k to collect some of the equity.
Yes you can buy the home in your own name.
You have to make sure the bank will give you enough time!
With a solid contract they will!
Is there a time limit as to how long you would have to wait to finance that home @ 100,000?
Thanks, Joe
I know a place that offers up to 100% ltv once you buy the property, even if you just bought a foreclosure.
(NY, NJ, CT, MA, MI, CO, NC, FL, GA, AK)
What other types of financing does anyone here need? I’ll check with my contact.
You never know when I might need help.
Hi I am new at real estate and I am looking for a hard money lender can you refer me to one?
You will not beable to do with with a good contract as was mention in an above comment a lender does not want to see the seller getting any cash out of the deal.
There are several ways that you could do this I will only mention a couple because there is more advanced ways of using a land Trust and it is too advance for a little forum like this and it would take to much time to write it out on my side plus, it is more in depth on the financing side than on your side.
First way is to do is to get a no seasoning cash out refi in your name. If you are going to do any Rehab work please document it well with reciepts because it will help the loan and the appraisal.
Now to take advantage of the HIGHEST LTV and BEST rate then you have to have a resonable good credit 620 or greater and you may get stated documentation of your income. Now you can still get this type of loan with a score as low as 6oo it just will require full documentation of your income.
Second is you may sell the property to a partner or family member (it does not have to be arms length transaction)with a wrap around mortgage( yes against the hard moneyloan) and sell the note
Now you must keep in mind that you will get more for your note if this person that you create the note with is a good credit risk. The fanastic thing about this idea is that you may close this SIMUTANEOUSLY which means walk out with CASH.