Owner Financing a property in need of repairs

[Michael Czepil]

Hello all,

I'm looking for any feedback and advice on what I am trying to do at the moment. I am just out of school and started a full time job so I am having difficulties getting conventional financing to make my first purchase (both property and investment purchase.) Lately I have come across a couple of owner financing deals that I might be able to work instead. My question is what experience do any of you have with owner financing a deal that needs repairs? A couple of the properties I have looked at (duplexes) are livable, however need a decent amount of work. Any creative ways to finance the renovations/repairs? Or is it more of a savings and credit card kind of situation?

Thanks for the help everybody.

Mike