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How can I get $$$$ to buy foreclosed properties??
You ask one question about getting Money to buy foreclosed properties
and then ask Cab I buy with Cash?? YES, If you have the cash YES.
CASH is always KING
If you have the cash, Why are you asking for $$$$??
Please explain, LUCKIEST
I am looking to PULL out cash to buy the next one as I explain in my original post.
Then refinance and and buy another.
1 of 1 people found this helpful
The answer is yes you must do the following though
- Find an undervalued property, at least 30% under value including repairs.
- For example if the full after repair value is $100,000 the you cannot spend more then $70,000 total on the home including the purchase price and repairs
- Once you have repaired the house and have an appraisal completed, you could then take out a loan for the full amount if you would like
- You would essentially be buying a home from yourself, since there was no underlying loan it would not be considered a refinance.
Hope this helps!
Yes but.....they make you season the home first. Some banks look at the original sale price and give 70%of the purchase price until you have owned it a year, and some will allow the appraised value.
The real answer to the question is.. Get private investors to loan you the money and give them a mortgage on the property, preferably under 12%.
To avoid the hassles of the mortgage industry most investors use hard money loans. These loans typically carry a higher rate but are interest only short term financing. They allow you to borrow upto to 70% of the After Repair Value of the home including any needed repairs. There is little to no underwriting so you can close deals in days not weeks as with conventional financing. You can learn more at www.dfwfastcash.com1 of 1 people found this helpful
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I have my eye on several houses that the banks are willing to "give away" but I can only qualify for so much at the bank. Can I buy with cash , fix them up, rent them out, and then refinance for the new appraised value and pull out some cash to use for the next one??