Question:
Due to a challenge my business recently faced, I had quite a dip in my credit rating. I have the opportunity to buy a 2004 mobile home appraised at $70k, for about $45-$48k. If swapped out quick enough and properly it has the potential to make $21k in profit. Is there any way to make this work, maybe a hard money loan, or how could I find an investor that may be interested in partnering with me on this?
Answer:
you could try family and friends first.
Not really, go with a good mortgage company (request an interest only loan) for lower payments and then refin it later. Sorry but you will pay a higher interest rate, so you may as well get one that will help you until you get on your feet.
First, investors wont lend you the 48k so you can make 21k and they only get your interest. What you should do instead of investing on this your own, just sell it wholesale. What that means is, since you don't have the money sell this info to an investor. Tell him the potential and ask for 4k for you.
see if there are any resource here
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