Spent all cash for 3 homes1

Posts: 235

 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!!!

I’m not seeing a big problem. You’ve got the cash to close. 3 months is not a long time. In the meantime, you can tidy them up, remove junk, cut weeds, so they show better.

You can get a buyer lined up with a long escrow that doesn’t close for 3 months so that you comply with the rules.

You say you were “pre-approved” for these three houses, so just pay for them and the bank should loan you the money you need for that 4th one you’ve got your eye on.

But when I made the offer for the 4th home I made it as a cash offer and now I dont have it and will they say no deal then or wait until I get loan? Tks

How muc are the 3 total purchases…NOT ARV…NOT TAX ASSESSED VALUE…Net purchase prices and how much do you have toward each home/purchase…what state is this all in…You sent me an IM with NO details…

I paid 131.000 for 3 purchases with my ira for cash and now I have had a bid accepted that was a cash offer and I dont know how to get the money for the fourth quick as I said I could close in 2 weeks when I made offer but now I cant and then I had the cash but now I dont.