Is Cash Important ?
I know rehabbing and wholesaling doesn't require a lot of cash, but what about doing a shortsale or buying a home in pre-foreclosure. Do you have to be able to buy with cash or can you finance these properties.
I know rehabbing and wholesaling doesn't require a lot of cash, but what about doing a shortsale or buying a home in pre-foreclosure. Do you have to be able to buy with cash or can you finance these properties.
Anybody out there
[addsig]
You can finance, but financing is best done in a way that it is like cash. It depends entirely on your exit strategy. You can set up a HELOC ahead of time using the equity in another property, or you can use hard money, or you can use a private mortgage lender.
It really doesn't matter how you finance your short sale properties other than you must be able to close quickly. You often have no more than 30 days to produce the cash. If your banker can help you, then go for it, but having the cash at hand is very useful.
GOOD LUCK
thanks for the reply fellas, keep investing !!
[addsig]