How do I get money or Find Investors?
I just put an offer on a Duplex property Bank Owned in FL , Lost it due to someone offering all cash my offer was 25% down and a mortgage , I have the cash but its tied up in the stock market and I don't want to sell stock when the market is down if I don't have to . I am very serious about purchasing a property that I can rent out for a positive cash flow but I don't want to keep losing out on good deals because someones coming in with all cash, I will have no problem getting a mortgage (My fico score is 810 ) . What is my best approach to buying Bank Owned, Does anyone have experience on getting deals accepted that is not all cash ? Do I find Investors ? If so how would i structure it being that I am not flipping but renting them Long Term. Any advise would be appreciated ? and if anyone has rental property they are looking to sell let me know. Thanks Max
did you have an approval letter with the downpayment, all of this needs to be submitted to win the position. You will never win against a all cash offer.. if you need approval contact me, simple. we need to make you a contender!
Bank Owned = "as-is" - beware.
Some good resources:
http://www.amazon.com/dp/0470122188?tag=realestate02b-20&…
http://www.amazon.com/gp/product/0071592105?ie=UTF8&tag=…
Cash is king!
Banks will go for the easiest transaction as possible. When offered cash, they can close much faster, and with less hassle. The competition is there on the best values. You will have less competition on the "sleepers".
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