If you were desperate for cash, what would you do?! - Posted by Kim P.

Real Estate Investing
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Posted by Chenel Moore_MD on March 31, 2000 at 09:44:22:

Ditto, what Phil said! My motto for needing fast cash, buy, buy and buy again. Figure out exactly how much you need and when and look to do a quick flip, no money down to obtain the funds. Check out the how to articles posted on this site on quick flips. There are a dozen that will tell you how.

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If you were desperate for cash, what would you do?! - Posted by Kim P.

Posted by Kim P. on March 31, 2000 at 08:24:39:

I’m a newbie who is sinking down. Three years ago, husband and I went into a restaurant deal that went sour. BIG money loss resulted. Now I am supporting him with my j.o.b. while he’s in school and peddling real estate on the side (as an agent). We just got hammered with a big tax bill and my son’s tuition bill. I need cash and I need it fast.

I am curious as to what others would do for a quick save. I appreciate your comments. Thanks.

Kim

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In the meantime (re: big IRS tax bill) - Posted by SusanL.–FL

Posted by SusanL.–FL on March 31, 2000 at 13:48:43:

The IRS has a monthly installment plan available to taxpayers who cannot make a lump-sum payment of what they owe.

The minimum that they will accept monthly is $150.00.

That might give you some ‘breathing room’.

Bin there/dun that… :frowning:

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Here’s My List - Posted by B.L.Renfrow

Posted by B.L.Renfrow on March 31, 2000 at 10:13:02:

  1. Quick flips as Phil mentions
  2. Broker some notes for $500 up to several thousand dollars per deal
  3. Sandwich lease-options, where you can get several thousand $$ up front from a T/Ber, plus monthly cash flow
  4. Find buyers who qualify for owner financing, then buy a property for cash, simultaneously close to your buyer and sell the note at closing for quick cash

All of the above require no - or very little - cash out of pocket, can often be put together fairly quickly, and offer decent, sometimes excellent, returns.

Brian (NY)

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Re: If you were desperate for cash, what would you do?! - Posted by phil fernandez

Posted by phil fernandez on March 31, 2000 at 09:18:00:

If I were in your shoes, I would be in the marketplace looking for a wholesale deal where I could quickly flip to a rehabber or other investor. This will generate some fast cash for yourself.

Desperation is the greatest motivator.

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Re: In the meantime (re: big IRS tax bill) - Posted by Kim P.

Posted by Kim P. on March 31, 2000 at 14:56:06:

Thanks for the suggestion. The problem is that we have so many payments lined up already, I rather just pay it up front. Well, at least that’s my goal.

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Re: Here’s My List - Posted by phil fernandez

Posted by phil fernandez on March 31, 2000 at 19:41:40:

Yup Brian’s got it right.

I forgot some of the things that he mentioned. There are not just one or two ways to do it.

Nice job Brian.