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Updated about 4 years ago,
Need $350k in a day....time to hustle!
After hunting for this deal I finally had the opportunity to meet with a motivated seller! The seller has a multi family 4 plex that he is desperate to sell....
Each door is a 2Br 1Ba, and rent for around $1000 a month. The entire property brings in $4000 a month in rent.
The seller said that this property appraised at $400,000 and he is willing to sell it to me for $345,000.
After looking at the property, they are currently rented out in year long lease, move in ready, and have had recent rehab jobs completed. I have done the math and I’m estimating my expenses to be around $3000 a month and a monthly cash flow of $1000 a month.
On paper this is a great deal, but I have not been able to find funding as this is my second deal, no one is willing to work with me. The seller is open to carrying the mortgage and doing a seller financing but wants me to pay him cash what equity he has. Seller currently has an existing loan $210,000 leaving him with $195,000 equity. Still don’t have $200,000 in cash to give him to make this deal.
Currently stuck and reaching out to as many people as possible. Any creative ways of making this deal feel free to share!
If there is a problem, I’m gonna have to hustle for my solution!👍🏽