WHICH HARD MONEY LENDERS WILL LET YOU LEAVE WITH CASH BACK-- A CHECK IN YOUR HAND???
I have seen a few properties that I’m interested in purchasing to hold as rentals. The asking prices are $29,000, ;D $50,000, $54,000 and $84,900. The two $50K properties are single units that will rent for about $850/month. The $84K property is a multi-family dwelling that has two 1-bedroom apartments that are each currently rented out for $450/month for a total of $900/month in rental income.
(all of these properties are listed with a realtor. I’ve been trying to get qualified for fianancing before dealing with a realtor, so I have not been inside any of the properties-- but I’ve seen pictures. The $50K house is newly renovated-- so I thought about trying to flip it for cash)
My problem is that I’m going to use a HARD MONEY LENDER, and I seem to be having a hard time finding one that will allow cash back at closing-- whether it’s the rehab funding or if the loan was more than the purchase price. It seems like all HML’s want to hold all extra money in escrow and you have to submit a DRAW REQUEST after the repairs are done.
WHERE CAN I GET A DEAL WITH HML THAT WILL ALLOW ME TO LEAVE THE CLOSING WITH A CHECK IN MY HAND???