Posted by Ronald * Starr(in No CA) on September 22, 2003 at 21:45:52:
The idea is to use short-term money, since you are planning to resell soon. So eliminate getting traditional long-term loans from institutional lenders.
There are a lot of potentials still left:
Take over a property subject to the existing financing, paying any cash to seller from your line of credit.
Have the seller carry a loan for the equity in the property or most of it for a “short term,” say one year. Even a high interest rate will not cost you much, as you will not be paying points to the lender.
Pay all cash, using your line of credit. Push for minimal price with this option.
Good InvestingRon Starr**