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- Jul 26, 2007
- 2,215
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In trying to find my direction and focus, I stumbled upon a cute 1/1 in the mountains. The area is great and the seller is desperate (coming down $5k a month...which doesn't happen in this area. The house is now down to $69,500. I think I could get it for $45k if I paid cash.) The price is right and the house is fully furnished. I don't know if I would or should purchase this house- but the idea of it spawned this question:
If you find a good deal and KNOW that the owner would sell at a great price for cash, would you find the way to purchase it cash- if you think it would make a decent rental? If so, could you refi it or somehow get a loan on it to where you pay off the hard money loan you took out to buy it for cash? ...Would I go to the bank to get a refi? And, estimating that FMV is $85k, could I refi it for $85k- or close to it?
If you find a good deal and KNOW that the owner would sell at a great price for cash, would you find the way to purchase it cash- if you think it would make a decent rental? If so, could you refi it or somehow get a loan on it to where you pay off the hard money loan you took out to buy it for cash? ...Would I go to the bank to get a refi? And, estimating that FMV is $85k, could I refi it for $85k- or close to it?
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