Need Funding Now

Why do you think you can't assign it, Rick? Are there problems with the title, the property, or anything? I would get it under contract, with a couple of exit clauses included, then shoot it out to your buyers list, put out bandit signs, put it up on Craigslist. You know, all the things they tell us to do that really do work. Good luck to you, and let us know how it turns out.

You could try to find private money. Ask friends, family and any business associates and give them a better ROI than they are getting from the bank. If all else fails you could try the hard money lenders and then refinance with a bank when possible. You can find hard money lenders in your local REI club or online. The interest on hard money is higher so you need to make sure the numbers work for you.
Amanda

Comps?
ARV?
why selling?
mortgage balance?
sq ft, bdrms/baths?
repairs needed?
need details?

Rents fo r $950 month x 24= $22,800

ADVICE:
will owner carry note?

L/O sandwich(to tenant buyer)

Investor wholesle deal

Short term loan- 48 months

TOO many options can be used

Assigning contracts is frowned upon when one is a licensed real estate agent and under the scrutiny of their licensing authority, in my case the Texas Real Estate Commission. I have contacted their attorneys to find out what they think of assigning if one is a licensee.

Also, one has to have somone to assign to, and I do not, yet.

Of course, I am trying to find legitimate, private money every day, and I'm also seeking out bank financing on this one.

@reinvestor:

I haven't ran the comps, but they're coming in pretty close to the tax appraised vaules. Of course, I will do, because tomorrow I will meet with a banker about this, so I'll need this.

I didn't post a lot of information here in this thread, because this is not the classified section, and my post would have been removed.

Most of the options you mention will not work. This has to be a cash buyer deal, or the seller will keep the house and continue to use it as a rental. You assume there are options in this deal that do not exist. I am not ignorant, and if someone wants more details they can respond to the classified in the classified section.

Try this guy out he is very good and I have worked with him multiple times. Just tell him you got his information from me.

The Clawson Group
Paul Mangelson

Cell: 801-699-1240

Office: 801-878-4759

5107 S. 900 E. #100
Salt Lake city, Utah 84117

He can do loans almost anywhere!

Randy Bailiff
Dean Graziosi Life and Investment Coach

Hopefully the property that I wanted is still available. It would probably be a better rental unit than a flip, but someone might be interested in it.