I DID IT AGAIN!! I DID IT AGAIN!!! - Posted by Tim

Real Estate Investing
1

Posted by Larry In CA on February 15, 2002 at 18:48:02:

Wholesale one of the properties on a flip.

2

I DID IT AGAIN!! I DID IT AGAIN!!! - Posted by Tim

Posted by Tim on February 15, 2002 at 17:36:45:

I can’t believe this, the other day I posted how I got my first RE deal on a foreclosure I was tracking, and how excited I was. Today I got a call from my buyers agent, guess what I got another foreclosure deal that I was working on for 4 months!! Just my luck 2 deals in one week, now my dilemma is how to buy both properties, my line of credit is not big enough to purchase both. Both properties are 20% and greater below market value after repair. So now I’m getting a little nervous, how can I do this? I don’t think I have enough time to refinance one of the properties to payoff the line, because of deadline with closing time. I made two all cash offers but didn’t expect this to happen at the same time! Any suggestions out there , one of the deals does have a contingency of buyers inspection, but I worked so hard to get these deals I’d hate to lose one of them. Any advice would be greatly appreciated. I can’t believe this.

3

Re: I DID IT AGAIN!! I DID IT AGAIN!!! - Posted by Ronald * Starr(in no CA)

Posted by Ronald * Starr(in no CA) on February 18, 2002 at 24:37:25:

Tim-------------

I like the suggestions that you already got, especially the one from Dwight Avedisian. Call the Bank Of America about their home equity loans on investment properties. They will loan up to 75% of the property value, maximum of $100K. The do not require seasoning. So, you buy using what resources you have, then refinance in two weeks with B of A.

Good InvestingRon Starr*

4

Re: I DID IT AGAIN!! I DID IT AGAIN!!! - Posted by Dwight Avedisian

Posted by Dwight Avedisian on February 15, 2002 at 20:16:07:

Tim,
Some banks now are giving home equity lines of credit on investment properties if your credit scores are in the 700’s. Close on the first one and you could have your money in about four days.

5

Re: I DID IT AGAIN!! I DID IT AGAIN!!! - Posted by Mark (WV)

Posted by Mark (WV) on February 15, 2002 at 19:11:43:

Line up a hard $ loan now on one of them, refi at a later date and pay the hard $ off
2, See if you bank will give sig loans for 30 days to 6 months that should give some breathing room.

3 ask a mother ,brother sister, if they want to make a short term loan for a good rate