Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Buying & Selling Real Estate
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 6 years ago,

Account Closed
  • Monroe, LA
1
Votes |
12
Posts

Need Help Financing A GREAT Deal

Account Closed
  • Monroe, LA
Posted

I came across a motivated absentee seller that lives out of state. He currently has nothing to do with the property but has left it to a cousin to manage and he lives a hour away from the property. I have been in contact with the cousin for over a week and built great rapport with the guy. It is a SFR 3bd/2ba that has 27 acres, but they would like to sell the home with only 2 acres. Just 3 years they had a gentleman wanting to buy for $60K but he couldn't get it financed. They also had it appraised 3 years ago and it came back to be $92K with 2 acres. The sellers told me that they would negotiate on the purchase price, they are wanting to get rid of it ASAP. The home has been vacant for 6 months now and it was previously rented for $650 a month. The home can use a new roof, pressure wash, outside paint and some landscaping. I will negotiate for less than $60K. This can be a great buy and hold, fix and flip, wholesale, or even wholetail. How should I present this deal to a bank, hard money lender, or private lender?

Loading replies...