Need Creative Ideas To Make This A Deal--Orlando Fl
Found a 3 / 1.5 in poor area of Orlando
ARV = 105 - 110k
needs 10k rehab (paint, carpet, kitchen, bath)
seller firm on 80
should bring 850 rent
seller has 25k balance on mrgt
Now 80k plus 10k repairs and then realtor/holding/closing costs doesnt make this a great deal but perhaps getting creative with how I go about paying her 55k in equity might work. Any ideas?
I was thinking along the lines of paying her interest only on the 55k equity (80 - 25 mrgt) for a year or two plus making her payments on the mrgt. That way, I could rehab it and collect rent. After 2 years, I'd sell it and pay her a balloon payment of 55k, payoff the mrgt and pocket the leftovers. I know it's not the most solid plan but I'm trying to spark some ideas.
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