We have placed 5 offers in for cash sales of bank owned prop. at 40-60% below FMV. Investor is a foundation that wants to make a decent ROI (10-30%) my plan is to pull out the equity, based on a 80% to value loan, pay investor, handyman, cash in pocket and lease with an option to buy. Mortgage Broker is telling me that banks won't lend unless you have owned for 6 mths to a year...Correct? any insight on who is lending this way? I know it can be done ~
"Some live 70 years like one day. Some live one day like 70 years." King David
Be the cause of your life, not the effect! AND MY FAV...Are you being productive with your time, or are you just busy?