Concern's About Investing Between Two Properties.
I have put some money down on a preconstruction home that will be ready in about a year. I have the closing cost as well. But I have now recieved an offer on a duplex that I can not refuse. Now my concern is the following. If I buy this current duplex @ 100% financing, Will I be able to take out a LINE OF CREDIT on the current duplex in order to maybe close on the preconstruction house. If need be, I am planning to hopefully have a buyer by the time the house is done. Worst case senerio is that I have to close on the house. How hard is it to take out a LINE OF CREDIT with six month of time? Please help..
You can have the line of credit in a week. But you may want to get it set up to go asap in case there are any hold ups.
Kyle
So, if you're borrowing 100% financing for the duplex, how can you borrow money against it? And, how're you getting 100% financing?
The duplex is being sold to me way under price from a friend. Just let's say that you can not find a duplex under 300K in Miami, but I am bying it for 200K right now. I have already done a comparable on the properties and it was confirmed that it is worth more then I am buying it for. That is how I am assuming that I could take out a line of credit. But If you know of something that I might be over looking please advise.
The 100% financing is coming from my broker, He has found banks that will provided the 100% financing.