Okay, I'm scraping the bottom of the barrel of ideas here, and I am not sure if it's against the protocol of the board to ask this - so MODS, please delete if I'm out of line!
Offer going in today on our first investment - 4-plex REO apartment complex, needs lots of patch and paint, new flooring, fixtures and appliances. Purchase price of $160k, 97% FHA loan at 5% (may come in less, actually!), and monthly rents of $600-675. BEAUTIFUL cash flow, beautiful deal.
We have just expended all our cash helping a family member close on their new house out-of-state (as has everyone else in the family, LOL!), and were hoping to hold off on this offer for another month or so to get some more working capital.
After sitting on the market for 18 months, of course, someone else has now made an offer. So, we feel compelled to jump in there, and not give up without a fight.
Long story short - we need to find $3k asap ($1k of that TODAY, this morning, LOL!) to cover earnest money, appraisal, inspection, and possibly a survey of the property lines. If we can get the offer accepted and get to the closing table, we have a buddy with hard money who will loan us the down (discreetly) and the funds for renovation / repair. After renovation and repair, the complex should appraise out at about $300k.
We've got awesome DTI, about 650 credit score (as of 3 weeks ago), and about $1300 net per week coming in from husband's employment. Also have a few vehicles as collateral if desired.
So, I'm hunting for a lender who can do a fast $3k loan, 90-days or less, simple 10% interest, without pulling our credit (remember, would prefer that mortgage broker not realize how tight we are on this), but I can provide a copy of our score by pulling it myself online.
Trying to be creative (aka desparate!) here!
And again, if this is against protocol, please pull, and my apologies.