What Can I Do For Quick Cash?
I found 2 houses where the owners are asking for 50k for each right in downtown Ausin. They both need about 20k each for rehabs and updates. They can easily sell for around $115k ARV. I don't want to let them go but I don't have any upfont cash and I don't know how quick I can find someone with cash. I guess that's what happens when you're unprepared, huh? As far as hard $$ lenders, they still require money down, correct?
Do you have a RE investing club?
Great place to find investors.
HML some want you to have cash in the deal some don't care. If you were in Dallas I could recomend one to you. But Austin I can't help you.
I would try to flip one and rehab the other.
At this point, I would get the homes under contract with the seller. Give yourself a little time (if you can) in terms of closing. 60 days is good if you can swing it. Next go through your local newspaper and call the "We Buy Houses" ads and tell them you have two properties that you're looking to wholesale. From there you can either assign your existing purchase agreement (make sure it allows for assignment) or do a double closing.
Because I want to make sure that I'm not brokering without a license, I have taken title to every property. You should speak with an attorney in your area (many provide a free consultation) and double check your plans.
GOOD LUCK
how much time do sellers normally give when they are wanting all cash upfront? the seller knows how good of a deal his properties are so I don't think he's willing to hold off too long without getting the cash quick.
Raquel, you can find anything and anybody at your local Real Estate Investor Assoc. (club). Good Luck, Herb