No. of Recommendations: 1
Can you get hard-money loans for the properties that are sold by banks at the courthouse, or do you just have to use your own money and then can you get a regular loan to refinance it?

Here's how that works: you can find a source for auction money for the brief time it takes to go to the courthouse and try to win the property at auction--since you have to pay cash on the barrelhead at the sale. If someone outbids you--which usually happens--you just give the money back to the auction money guy and pay a bit for having brief use of it. The 40 Thieves who typically show up at the courthouse use their own money, I'm sure.

If you win the bid, you pay the auction money guy with a hard money loan or, if the property is in decent condition, an institutional loan--which takes longer to close.
Print the post  

Announcements

What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.