How Would This Situation Be Structured?
I want to buy ugly houses and rehab. I also would like to buy pretty houses below market value when I come accross them.
I got a response from one of my ads witch involves looking for cash investors.
I spoke with one who is interested in investing. In my area of the bay area it is real expensive. This is what he wants to do. Can someone tell me how something like this can work.
He said he doesn't want to start out buying half million dollar homes; I suggested starting in Sacramento,ca. He said he wants to put 10% down and finance the rest, but he said he can have a check within 10 days paid to the seller from his bank.
Does this sound like something that will work by him using his bank for the balance?
Or should I find a way to use his 10% to get finance through a hard money lender?
I don't see how it matters if I am reading you right. The seller is getting a check either way right?
So I can still offer the seller all cash.