Looking for Advice on Seller Financing w/ Wrap
I'm a new investor looking for some ideas on how to put a deal together. I've been in contact with a seller who has an acreage tract with a newer manufactured home that has been tied to the property. There is a tenant in place, under a one year contract, paying $1050 per month. Seller is asking $110k for the property. A few months ago the seller was willing to carry the note, with a 10% down payment. Since that time the seller obtained a cash out refinance for $50k, with Wells Fargo. While I regret not having secured the deal prior to the refinance, I still believe it is a good deal, and would like to work something out. I believe a wrap would work, but the seller does not like the idea. A local bank would finance the property with a 20% down payment; however, I do not want to tie up that much cash in one property, and the bank would charge 6.5% interest on the note. Looking for ideas on how to make a deal happen, if a deal that makes sense is still possible. Thanks.