OfflineHouse 3 bed 1 bath vacant
4 lots each about an acre house sits on 2 lots
no central heating/air
not a fixerup may need minor repairs
seller states the carpet and paint done about 6 months ago
roof 12 years old
house built in 1957
equity is about $50,000 house FMV is $101,000
last time it was purchased was in 1992 for $56,000
seller wants $85,000 and will owner finacining with $20,000
I have no money or credit so I was thinking try for a hard money loan and offer seller $50,000
To put in central/heating and air it would be about $10,000
Been on the market for 7 months owner does not live in the city where the house is. He states he is not push to sell but just wants to get rid of it
Any suggestions on creative financing would be good.
Thanks
Yvonne
Hi Yvonne.
Maybe he would be willing to let you do a short-term lease/option on the property, with a small amount down. What are his terms right now for seller-financing? (how long, interest rate, monthly payments, balloon payment?)
maybe you could work some of that into exercising your option at the end of a year or so. That would give you time to find a buyer, possibly doing a lease/option yourself with someone who DOES have the $20K to put down. Would the property cash-flow for you in the meantime? Try using Dean's new analysis tool to get more info.
Good luck!
Rina
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