Help! First wholesaling/creative finance deal!

[Jennifer Fernéz]

Hi all,

Could someone help me with my first deal?   I don't have much liquid money, however, I'm interested in working a creative finance deal to my neighbor.   The old tenants suddenly moved out and they said the owner is trying to sell the property.   When some roofers were working on the home this week, I was able to retrieve the owner's contact info, and I learned he lives in a different state and has been renting it out many years.  

I've been reading creative financing books, and I want to reach out to the owner to see what his situation is, and if I could buy the property from him using creative financing.    Could someone coach me how to gain possession of the property without using my own money?   I have the general idea (I think it is called subject-to) or any other method I could use to make this work. 

Please help.   I've never done this before.   It's a 2 bedroom home in a C+/B- neighborhood.    The house is in the best school district in the county and will sell fast.    It's current condition could probably get $190,000-$210,000.    If its renovated, it could probably sell for $30K more.    Rent is around $1,700-$1,900 after renovation.   Maybe $1,600-$1,700 before renovation.

Thanks,

Jennifer