The Fastest Way To Get Cash Back After Foreclosure Buy ???
Hi,
A question to which I can't seems to find the answer in this forum.
Once you bought the foreclosure property or two and you know the turn around time is at least three months or more ... What would be the best and fastest way to vacate your money (considering that both foreclosures were cash purchases) for future properties??
In this business right now prices paid at auctions are so ridiculous (close to market value or sometimes even above) that the only way to make money is to do VOLUME! And to do that you need unlimited CASH resources ... So back to the question is HOW to get the money out of sitting there for 3 months ...???
Are there are possible refinancing options available? Line of credit on investment property??
Please Help or share on how the Big boys do it?
Thanks.
you can aquire a equity line of credit or aquire a mort. to get your money . taking it for granted that you done any repairs at are needed. it will be appraised and a loan value established which will be different from one loan inst. to another you will need to shop around......kenmax
in tn. you have a 30 day right of redemption before you get possession if the prop. is in good shape, good enough for the loan co. you can start applying for money strait away...kenmax
it also depends on how much $ you are trying to pull out, you did not say. if the prop. is 100% paid aquiring a loan/equity line of credit for 25% will be easy, 50% with good credit relatively easy, 80% you will most likely have to "sing and dance"........kenmax
One fast way to free up your cash is to put the property up for sale by owner, offer owner financing and the sell the note in a simo close.