Short time frame for purchase

[Shawn Merrihew]

I came across a great opportunity. A property with 6 apartments upstairs bringing in a decent amount each month and 4 store fronts on the main floor. Many more details; but my actual question is the current owner is a week away from a tax lien. His objective would be for me to pay the $20,000 in back taxes before the lien gets applied and then do a 3 year owner financed buyout. 

I have one property currently and with this short time frame what are my options for that money? My credits not that great I usually look for properties I can use current cash to buy until I fix my credit score to use loans as other options. 

[Christopher Lombardi]

@Shawn Merrihew that’s probably too short of a time frame to close. Usually takes a week or two just for title to get a commitment to you. I would talk to a good lawyer about putting together a tight contract where you can buy time by giving him the money to put towards his taxes. But be aware that the seller won’t be able to refund you if you come across some surprises during due diligence so you better get the property for such a good price that any issues that may arise won’t hurt your investment. Also, try to get title commitment before he gets that check.