Potential First Deal

[Tyler Hespeler]

Good Morning All,

I am meeting for my first potential deal today and I wanted to post the details up here so I can listen to any feed back.

-It is a deal with a private seller

-Its a 2 bed 1 bath in Groton, Connecticut and the information I have gathered from the seller/Town Clerk is as follows:

-Purchased for $85k, current loan is for $104K

-There is a $6K tax lien on the property

- According to the seller the house needs minor updating

-Seller believes the loan can be assumed

-ARV is about $140K

Originally I thought there would be way more equity because he said he had been making payments for 20 years but I didn't realize he had refinanced it.

My intent would be to buy and hold and since I don’t have a lot of cash, to use seller financing. I’m discovering this wouldn’t work with such low equity, and I really don’t see there being enough meat on the bone to flip or wholesale. Do I have any other options? I would really like to help this guy out. Any feedback is greatly appreciated.

Thanks!