Spent all cash for 3 homes :[
« on: November 24, 2010, 09:59:28 PM »
I just bid on three homes at an auction for 50% of what they were worth and got pre approved as they suggested but now that I won them they state those 3 have to be paid in cash. I already sent in emd and downpayments . I have another prop I wanted to buy but all money will be invested in these three homes. I already have three home loans for investment properties and wanted one more but how can i get money to buy another after i pay for the 3 props I won at auction? Could I refinance one or put up one for collateral? I have to keep for 3 mths before I can sell for a profit. Its REDC rules. i bought a about a 10 yr old dw and an acre for 18,000 w/ tax value 85, and two townhouses that I bought for 50,000 each with tax value of 100,000 and the last three in gaited community were sold in high nineties. They are 93 models and only need cosmetic work done. any suggestions how to get cash when you only have 30 days until closing and you dont want to spend evert dime you have in cash??? Thks!!!