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Updated almost 7 years ago on . Most recent reply

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25
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1
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Jonathan Morning
  • Moline , Illinois
1
Votes |
25
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Deal on the table don’t know how to move forward

Jonathan Morning
  • Moline , Illinois
Posted
Hello my names Jonathan in the Iowa area, I have found a duplex owner is willing to do seller financing for 55,000 and a 2500 option fee with 6-8 % interest. Says it needs some work but has great potential now what I would like to know is if all the numbers add up where could I get the financing to do the repairs? I would only have enough to get this property under owner financing but nothing more so if this would go thru where do I look for funds to Fix property up

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385
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Philip Williams
  • Rental Property Investor
  • Rockford, IL
702
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385
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Philip Williams
  • Rental Property Investor
  • Rockford, IL
Replied

How much work does it need? You could always partner with someone on the deal split the costs in half that would be an easy solution. Plus if the person has more experience than you maybe they will be able to examine the deal and find a creative way to finance the rehab costs. Are there any real estate meet ups in your area?

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