Posted by kirby newton on January 11, 2001 at 11:44:35:
So you will know, I am searching for funding for two of my buddies who are real estate investors. One has 35 units (bought on a $1.5million line of credit). The other has 5 units bought through traditional bank financing. Both are A credits with six figure incomes from their regular jobs. One owns a pallet company here in Charlotte that does $1.5million per year. The other is working for an upscale cabinet company (that he founded and then sold last year).
This is an FSBO. They have an offer on the house (to buy it from them) of $90k after they do some fix up of about $3k. That is why they want to get it quick. So this will be a flip, if they can buy it. This is a fast selling neighborhood of older homes in Charlotte. With minor fix up, many are selling well over purchase price. Investor competition is fierce and homes are going to those who can offer and close quickly. That is what gives rise to my second question about some sort of credit line. They want to make an offer today if I can find them some money. Owner has given them 48hours.
Thanks again for the help!