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Updated almost 6 years ago,
Ideas and input on a partner type of deal with a hospital?
I have other posts that was I regards to investing into a house that my coworker would sell to me and I would have the place setup and staged for renting it out for a hospital in relationship to allowing any and all staff that are traveling through to be allowed to stay there at " my place", which is how I'll refer to this house....
I expended my options to trying to qualify for a loan the conventional way and even a fha loan for his asking price of 200k was or of my reach on my own. I can qualify for 100k as I had been told 194k originally but that feel through.
Point is that I want to get into this house but I'm guessing I need to get a partner to do that and make this happen. Onve I have the partner then I can make the offer of the lifetime and get this place under contact for a set price of about 200k. I believe with a hospital partnership that I can offer this house to their employees for 5k a month and basically play hotel or property manager and get the entire house fully furnished and they would hopefully agree to a down payment first of 30k to me and a year to year contract. Point is that I think this will work for the right person as I dont have all the funds to qualify to do this up front or pay closing costs or title insurance and I can only get the loan itself with the 3000 down myself. My head I get the house for 200k. I sign weigh the hospital at 5k a month and they give 30k up front for 6 months. I furnish the house with the stuff they need for living like beds and dresser drawers etc, then play property manager and get the lawn then care of and such. On to of that the partner whom goes in on this with me can get the major half of that 5k to repay then back in less than 5 years or so depending on how much they bring to the table....
I'd like this to work but I am not sure Or am i out of my mind?