You tell us that the owner is selling the house for $375,000 but you don’t tell us what they owe on it. You’ve also given us a big spread 50 to 100k which can also make a difference when obtaining financing because it can effect the LTV.
You tell us that you don’t have enough money to make this deal happen on your own, but don’t tell us about your credit or other assets.
If you like, you can call me Monday morning at my office at (909) 944-0199 and we can discuss you and your deal.
I have located a $550,000 home in a very affluent area and the owner is selling it for $375,000, because of the needed repair (it has been boarded up since the 1994 earthquake in Ca.). Owner has esimates for repair from contractor between $50,000 - $100,000 (foundation alone needs $37,000 in repair).
Problem: Can not obatin a contruction loan for repairs due to exisiting loans on the property! Also, current loans are not assumable according to owner. Would like to bring in contractor to make needed repairs and then place it back on the market to flip it for a profit.
Would like to here from anyone with a creative financing solution? I don’t have enough money of my own to make this deal happen, but willing to work with a (money)partner and split the profits.