Member
Joined: 2010-11-04
Points: 22
OfflineName:
Stan Brown
Location:
Buffalo, NY
About Me:
Novice Investor and Realtor. Do have one deal under my belt which was a wholesale deal involving a contract assignment. Plan on making transition to full time Investor and quit my day job. Have invested in several real estate courses but none compare to Dean's. Looking forward to learning and taking advantage of Dean's expertise and experience.
Interests:
The Bible, chess, exercise.
Flip or Finance with Flash Funding
I am working on a deal which involves a 3 unit apartment bldg. bringing in great income ($1975), and appraises well annually. So, I was turned down by 2 Community Banks one local and one in NJ, I am in NY. Ok, my debt to income ratio disqualifies me from buying and holding. Seller only wants mortgage balance @185,000, property's FMV is $205,000 easily with exterior paint and interior cosmetic touchups. Because of cash flow and positive annual appraisal, I want to purchase property to supplement my retirement using "flash funding" and then use no-seasoning to refinance and repay "flash funding" lender. Is this a good use of "flash funding" financing? Or would you just do a contract flip for a quick profit?