I'll take the cows idea, where do you usually get them...?

At the time, I was a dairy farmer, thus cows were readily available to me. But if you want some...they are a type of asset that reproduce themselves. At that time, they were worth about $1,000 each...I'm sure they're worth more than that now.;)

Hi, I'm in NY and have been investing in real estate for over 25yrs. I'm a very aggressive investor meaning I have no problem making low offers for cash on property's. Remember this is now a buyers market and you are in control because there is a lot of product out there. With the cash you have you need to be aggressive with your offers and start with smaller deals so you can work up to bigger deals. You also need to do your homework for the area you want to buy in. Also remember you want a deal with as much equity as possible because in this market I believe the prices are going to continue to go down so you want to have enough room in a property so you can sell it quick and make a good profit.
I'm a firm believer in keep asking till you get what you want and you will get it. If you would like to talk more let me know.
Jim
Also check out this site: http://www.easymoney-123.com
There are a load of links to bank reo's

I borrowed every dime for my first investment property. I had good credit and got a normal, 20% down loan. I borrowed the 20% from a private investor I found just by talking to people, networking, and making deals with him. I promised him a 10% simple interest return. It is out there: you just have to be proactive and find it. A few years later, I was paying all cash for properties because the original ones have appreciated (borrow against that equity), and I always had a positive cash flow for the other ones. The key I’ve found is to always be on the lookout for deals and be patient when trying to find them. Just my 2 cents.

Cows sound like a great investment! I wish I could have my rental properties reproduce themselves

Credit cards, hard money lenders but you always need to have in your mind to have care cost money. Yes $15,000 will be enough to start and if you don't have them cash use credit cards. Be careful in depreciating market with flipping. If you have 30% equity today, it could be %25 in a month.

I have access to a program, 39 states, that can offer 100% financing on aquisition, plus up to 75% of ARV for the rehab work to be done. You need a 700 mid fico score and $20k liquid assets for every $100k you want to borrow, but if you fit those guidelines, it is a pretty good program to get into aquisition/rehab with no money down.

It is not cheap money, 12-15% interest and 4-7 points, but if you want to use someone elses money instead of your own, it is an option to take a look at.

You can check out the guidelines on my hard money website under the rehab loan heading.

If you only have $50K and want to get started, look into "hard money" loans. A hard money loan is where a lender looks at the deal and lends money based on the equity position of the property, not so much your credit or income.

Hard money loans are more expensive on interest and points so you need to lower your purchase offer to cover the additional interest.


As to your original question,
Which would you prefer? $100K purchase with a bunch of financing contingencies or $95K cash, no contingencies, and close by next Friday?

There are lots of ways to skin a cat, Cash is King but not the only way.

ooops! The poster above beat me to it!