324: Rookie Reply: How to Make an IRRESISTIBLE Offer Through Creative Financing
Creative financing can be a powerful tool to help you get YOUR first property in the bag. In this episode, Ashley and Tony explain the biggest differences between hard money, private money, and traditional lending, as well as which options will make your offer irresistible to a seller!
Welcome back to another Rookie Reply! If you need capital for a new deal, you might consider partnering with a parent. Of course, like any investing partnership, it’s critical that you structure it properly and include all important terms in your agreement. Our hosts will show you how! They also cover cash-out refinancing in detail, including how it works and how much money you can pull from a property. Finally, they talk about using wasted space in your investment property to make more cash flow! Do you need to pull permits? Will you get caught if you don’t? Stick around ‘till the end to find out!
In This Episode We Cover:
Using creative financing to make an offer more attractive to a seller
The biggest pros and cons of traditional lending, hard money, and private money (and when to use which)
Partnering with your parents and key terms to include in your agreement
When to order an inspection before submitting an offer on a property
Adding a new room in your home (and when you NEED to pull permits)
How cash-out refinancing works and how much money you can pull out
And So Much More!
Links from the Show
Check the full show notes here: https://www.biggerpockets.com/blog/rookie-324
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