So I’ll start this post out by saying I’ve been reading threads & learning on BP for awhile now but just haven’t been in the right position to make much of a move so I never even bothered to make an account. However an opportunity has presented itself that I’m desperately trying to secure.

I have the opportunity to purchase a SFR in dated but definitely livable condition that should easily appraise for $800k. Due to partial inheritance of the property I can buy at a discounted price of $566k. The property currently has no mortgage lien on it.

I have a few problems that make this a bit challenging,

A) Like many in my trade (Residential remodeling) I’ve fallen behind on the books in terms of filing taxes, I’ve finally filed to bring me current but now have a tax liability of around 50k. If I can make a deal work somehow I do have access to funds to cover this tax in full if necessary. This would come as a partial gift contingent on me being able to acquire the property.

B) Credit is not the greatest as I was young & dumb once upon a time and payment history on low limit cards still haunts me (current score is low 600s)

C) I’m not sure about this part but to my understanding if I let this transaction take place after the new year then I will also need to hurry up and file/pay In full 2023 taxes to show 2 years prior for a 2024 transaction. If this is true, time to close is also a factor.

Lastly, if I use my current funds & small family gift to clear taxes in the rears it will leave me no extra funds to put down on the property, however if appraisal is accurate I should have a good 30% equity in the property from the start.

Long story short I’m here to find out if anyone knows of any loans or mortgage brokers that can assist me in making a deal like this possible or if it’s even possible to being with.

thank you so much in advance! Really hoping to be able to use this opportunity to not only get my foot in the door on my first owned property but also in the near future do some upgrades, refinance & start my rental portfolio

Westchester County, New York

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