OfflineIs this strategy possible? Has anyone tried it? I was just thinking about it myself and wanted to see if anyone has had the same idea or has ever used this technique and the results that came from it.
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There are a million reasons why you CAN'T do something. You need to find the one reason you CAN, and run with that!
Its possible if its short term for you buyers they dont really do long term financing....
They can be really expensive to use...
Hard money can work if you structure the request to the lender accurately.
1) Get offer accepted with POF 20 day close.
2) Get certified inspection for repair estimates.
3) Get appraisal for confirmation of market value.
4) Submitt appraisal, inspection report, Rental or lease contract with deposit and I/O monthly payment on HM.
5) Exit strategy is refinance or sell to cash investor.
Hard Money lenders want appraisals and comps within 60 days and a refinance is not a strong exit strategy so cash for 6 mos Interest Only payment and a buyer is solid.
I have arranged this strategy but struggle with renters and leasors committing. They always back out on cash deposits and I cancel my inspection and appraisal.