I found an excellent home in a good neighborhood in my hometown that I can own for my own family. The problem is they want a very quick closing, by next week, and I need to come up with $10,000. And this is my first deal too!
My mortgage broker has me approved for conventional financing, but with this being so quick, he can also get the deal closed using a hard money lender he associates with. That's where the required $10k comes in. I have this money in my retirement funds, but it takes about a month to get those funds in your hand. And I can just kick myself for not remembering how long this can take. I would hate to lose this deal just because I forgot something.
Home is 1684 sq ft 4 bed/1 bath home. ARV is $185-190k and the bank's final counter back to me is $117k. At that price I can own it and give my kids the first real house of their lives. We have always lived in apartments, shared rooms, and did what we needed to do to get by. This house needs approximately $5-6k in repairs, much of which can be done over time.
I am willing to repay the loan at 20% in 6 months when I can refinance and pull cash out with the mortgage lender. If anyone is interested or wants more details, please PM me or email me at kmg1265 at yahoo dot com.
Thank you for reading this.