Today, more than ever before, cash is king. In many States, only those with certified funds for the full offered price in hand can even bid at foreclosure sales. Very few REO purchases can be financed by non-owner occupants. To have much chance of success, Short Sale offers have to be accompanied by written loan approval by another lender, or by proof of cash funds. Where is this cash going to come from?
First of all, look in your own pockets. Can you get a Home Equity Loan against your personal residence? Can you sell other properties you own to raise cash? Can you borrow against your life insurance policy? Can you discount Notes that you hold to raise cash? Can you sell off some of those expensive toys?
If you don't have the cash, who do you know who does; or who could use the foregoing ideas to raise it? Would they be willing to put cash in return for half of fairly short term profit buying at deep discount to market value, then selling at a smaller discount as explained in my last post?
If you're really serious about making a lot of money over the next few months that remain before the current market opportunities vanish, is there any reason why you wouldn't sell your own home and move into more humble quarters for a fairly short time?
Would you be willing to sell perfectly good cash flow rentals to raise the money with which to become a wheeler-deeler? Before you automatically discount the last two paragraphs, read the next Post.
