Need some creative financing minds on a good deal I’ve got

[Jacob Dancy]

I’ve got a 5 unit apartment that I’m working on purchasing direct from seller. The seller is an old timer and does not have rent rolls or written lease agreements but has had rents low for 30 years. He wants $250,000 and it rents for $2500/month. I know the area and own other properties close by and have even spoken with a couple of his renters.  

My dilemma- I’ve been in the real estate game for 2 years full time and haven’t filed my second tax return for self employment. That is going to take time as I have a fix n flip, rental and real estate sales business. I am trying to get him to owner finance with a decent chunk down so I can stabilize rent rolls for about 6-12 months and brrr out of it. 

My questions are- if he will owner finance (doubtful). How long of rent rolls will I need to refi and what will be the like LTV?

Also, if he won’t owner finance for a short period… how the heck do I buy this thing before he decides to move on to another buyer?

thanks!