I have a possible lease option on a pretty house with equity. Problem is she is $15k behind on back payments and wants $5k to move. Will need also $2000 for clean up and marketing of house.
Should I borrow money from hard money lender? After doing my calculations, I figure I will need $30k to get in the deal, with the oppty to make $42k after 1 year (if and when someone cashes me out) after I pay back the $30k.
Not sure if hard money is an option for a year. Most HML’s offer 4-6 month loans with considerable fees to go past that. You may have to find a partner with cash. If your numbers are correct you would end up splitting your $42K profit, but $21K is better than $0
Thanks for the response. I don’t know anyone with the cash who would lend to me for the deal. Where would I go about finding a private investor for something like this?
Try your local REI club. You should be able to find a partner very easily. Make sure you have a joint venture agreement that details who does what.
do you have credit cards you could use?