Offlinei am just getting started in illinois...want to do REO's...found 2 great deals!! i am not able to get financing for work and etc...is this my only option?? if not what else can i do?? i am very frustrated!! look forward to your comments!! anyone like to finance these deals???
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When you are working with the lenders as the seller of the property, it will be a little difficult to Assign the Contract as they will have a non-assignability clause. If you were wanting to purchase the property yourself, you can borrow from your 401K (paying yourself back with interest) or a self directed IRA. With the market being down, using retirement money will not hurt. I would shop around for different Hard Money Lenders as some will finance rehab, depending on how far below fmv you are able to purchase it.
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