Cash-back at closing - Posted by Mike

Posted by JoeKaiser on April 18, 2000 at 24:16:36:

Cash back at closing is easy . . . if you don’t intend to keep the property. You just buy low, sell high, and close with your buyer’s dough.

Now, if you want to keep the thing, it’s a little trickier but still doable.

Usually, it means buying very very cheaply, getting a hard money loan for more than you paid for the thing, and walking out of closing with the balance. I have a hard money lender that will loan 65% of fixed up value. If I can buy that thing for less than 65%, I pocket the difference.

Example. Bought a fixer house for $22k last year. Worth $100k plus fixed up . . . lender wrote a $50k check at closing and we used the money to buy the thing and do the fix up.


Cash-back at closing - Posted by Mike

Posted by Mike on April 17, 2000 at 09:35:13:

Can someone please tell me how they get CASH-Back at the closing table when they close there deal.(examples)