Need Advice On How To Finance Short Term
Here is the deal. I found a waterfront home in my county that needs a lot of work(is liveable but not by much). I did some research and found that the property is listed way below value. So I made low ball offer and it was countered I recountered and it was accepted. My thinking on this property is that I would re-hab and turn for a big payday. All I would like to know is if I can ask one of these hard money lenders to fund the whole deal re-hab included. I know the place is worth 100k more than contract price. One other thing to ask is that the way to go or should I investigate others?
Thanks in advance to any and all.
If you don't have access to conventional finance, then HML may be the way to go. It'll be expensive, but, if you are undercapitalized, a reasonable cost of doing business.
Another possibility is to simply cash out. Arrange for an investor to purchase your interest via an assignment of contract, or, participate in a double closing.
Jorge? Interested?