Hi! I have come across a potential deal that i could use some help with. It's a 5 unit boarded up property that has been vacant since 2002. There are no loans on the property. Ther is a fine of almost 100k from code enforcement that the owner says can be reduced by 90% if paid all at once. The owner is interested in selling, but wants me to make an offer. I was thinking of asking for owner financing interest only for 12 months, but am worried about the validity of being able to pay down the fine plus the rehab that is needed to rent the units. Has anyone come across a situation like this? Any insight would be much appreciated. Thanks!
Hi! I have come across a potential deal that i could use some help with. It's a 5 unit boarded up property that has been vacant since 2002. There are no loans on the property. Ther is a fine of almost 100k from code enforcement that the owner says can be reduced by 90% if paid all at once. The owner is interested in selling, but wants me to make an offer. I was thinking of asking for owner financing interest only for 12 months, but am worried about the validity of being able to pay down the fine plus the rehab that is needed to rent the units. Has anyone come across a situation like this? Any insight would be much appreciated. Thanks!
-Moses