Posted by John on August 02, 2005 at 20:32:50:
tie it up with a straight option or a lease option which ever works out best for you and seller. You could write offer and make the settlment date 90 - 120 days later
Help!!! Creative Purchase Strategy - Posted by Stephen
Posted by Stephen on August 02, 2005 at 09:34:51:
I am in the process of closing on a 4fam unit that I am planning to rehab and rent. I am using a hardmoney lender to finance the purchase and repairs. A week before I was scheduled to close I found out that the property next door is for sale by the owner. He is extremely motivated to sell the property and I can get the property for dirt cheap, but the problem that I am facing is that I have all of my money tied up in the current 4fam unit, and my hardmoney lender does not want to lend on another property before the repairs are completed on the original property. So what should I do??? I would like to purchase the second property by won’t have the funds to do so for about 3 months. Is there any was for me to tie up the property and then be able to purchase it 3 months from now? I am open to all creative suggestions. Thanks in advance for the help.