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This is the perfect loan for people who want to go into real estate but do not have the time or experience to turn around houses. We are experienced house resellers and have a couple of rental properties that we sell after the tennant moves out.So: why do we need cash? In this case we either loan conventional 100% (high closing) or cash which off course is needed for remodel and monthly expesnes.we now bought a mid $30's house in Angleton, Texas with a 3 month no-sell clause from Fanny Mae. In that time we will remodel and after that sell with profit like with previous properties. We do not want to keep the loan longer then 3-6 months and will be used for remodel of this property ONLY. We prefer to buy cash from our own funds and off some private investors to avoid using hard money lenders like we did before (18% with $2k closing).Look at the credit score / debt ratio and you know that is not of bad payments but of a lot of real estate loans. |
