Updated over 7 years ago on . Most recent reply
Creative Financing to buy a Neighbor's house
Hi all I'm new to investing, and am considering buying my neighbor's home for a real estate investment, and was hoping someone here would be interested in helping maximize the structuring of this deal.
Here's the situation:
- Neighbor has $120k balance on an ARM loan on his 4/2 tri-level.
- He and his wife (no more kids now) want to move to a ranch because the stairs are getting difficult to traverse
- He is asking $350,000
- To move, he needs down payment ($10k ish) and to pay off his existing loan balance, so total of $130k. He is willing to owner finance.
Any creative ideas on how to structure a deal so that it's most profitable? I realize that's a broad question, but it's a start. Thanks for any input you can give.