Creatvie financing on 3 duplex units

[Jim Butterfield]

Hello all,

while buying property for a 1031 exchange, I found 3 duplexes owned by single owner. I have enough money from 1 of 3 duplexes, in the 1031 exch account. I am really wanting to get all 3, for a better price. 

Here is my plan

use remaining 1031 exch money for unit #1 ( need full price to satisfy the total 1031 exch minimum)

Get a 30% price cut on the other 2 units

Get hard money loan 18mo for 100% purchase of the 2 units. 

Make purchase

Get loan in 12mo. to pay off the hard money loan.

Is this possible? 

What type of security does typical hard money loaners require?

The plan for 30% price cut is to allow for refi to leave 25% equity for conventional bank.

I do have $50k in stock account I can use, but would rather not. Also $10k in savings bank cash. 

[Jim Butterfield]

@Tom S. Hello Tom, this is my plan, never said it was going to happen. Just one plan I am working on. No they are not trashed, and i am hopping the seller wants to move them bad enough to make a deal. With 141 days on the market, he might be motivated.