I Have A Great DEAL Need Help With Financing!!!!!
Ok here is my sittuation:
I have a house up the block from my home, it is a 2 bedroom 1.5 bath, brick one family corner detatched house. From what I have seen ( I have been inside) it definately needs paint, floors polished, a new kitchen and new bathroom. Otherwise it is a charming home with some great original details i.e picture frame walls arched door ways etc. Otherwise it is structurally sound. I can probably get the property from this motivated seller for $310,000 tops, as he is trieng to sell it on his own ASKING $369,000 he is no where near what the comps are. Comps in the area for its condition range from $290,000 to $310,000 respectively. Once the work is done the property COMPS OUT at $350,000 to $375,000. My credit is sub par at best, Score is around 625. I have no liquidity at this point what so ever, and no collateral and no cash for closing! SO as I have been an avid reader of all Conti and Finkle publications and books I need to get REALLY CREATIVE with this one I have limited resources and I wish I could do this deal with having to assign it to someone else because it is a DUNK SHOT. Any help with my options would greatly be appreciated. JOEY from staten island NY. Thank you in advance
If the comps as-is are $290-310k why do you want to buy it for $310k? If the guy is truely modivated he should let the property go for what he owes. What does he owe?
If you can buy for what he owes or close to it, you can take the property subject to the existing mortgage and then market to an investor to purchase. This way you have minimal cost out of pocket and can take control of the deal immediately.
Just keep in mind that you make your money when you buy---you just collect when you sell. Get it bought right and you're all good.
GOOD LUCK