Updated over 7 years ago on . Most recent reply
Need Help Financing A GREAT Deal
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?
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Marlon, we are interested in purchasing this property with all areas. We are a real estate developer seeking land for acquisition and development. Elder Jeffre