Conroe, TX · Member since 2016 · 237 posts · 43 votes
I was evaluating a deal and they ended up switching to needing an all cash deal because the owner died and there are no financials for it, so banks will not finance it. I did contact my mortgage broker to see if there is an option through them, I am waiting to hear back. The purchase price is 399k.
I am working with a partner and we have access to 150k, but not 400k. Due to it being my pre first deal and not having a huge network yet, I don’t have other investors lined up. It could be a really fantastic deal.
Am I out of luck as it were or I am missing a place I could get the cash?
Going off market rents is useless. Without esstopal letters or leases you have no idea what the tenants are paying in rent, who is paying utilities, how long the leases are, whether tenants have any special deals etc. etc. You should run away from this deal or dig much deeper before you commit.
Take though time to dig and get the details and the bank will finance. If the seller is not willing to dig then they just cut the value of their property by 1/3.
Rental Property Investor · Concord, GA · Member since 2015 · 3k+ posts · 3k+ votes
8y
Based on this deal seeming to be a moving target, if it were me, I'd back out and wait a while. Let the seller's estate get their act together. Maybe come in later (if it's still available) with your financing in order and at a lower price point. I've run into deals where things keep changing and I usually bail. 400K is a sizable purchase and it seems that neither you or the seller are completely ready to make this happen smoothly in a short period of time.