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Updated 12 months ago,

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Ty Glendenning
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Need help with a creative finance deal.

Ty Glendenning
Pro Member
Posted

There is a house that I have under contract for $58,000. My initial plan was to renovate and then rent, however, the neighbor recently came up to me and threw a new idea in my head. He said that he would pay me $5,000 over what I was paying for the house as soon as I closed. The lady that used to live there doesn't like him and will not sell him the house. He owns all the land around the house and has plans to build townhouses and other projects, however, the house I am buying sits in the way. He also has two houses on the same street. One is completely finished and he is trying to sell it, 3 bed, 1 bath. The other is unfinished and he wants to get rid of it, 3 bed, 1.5 bath. 

I brought up the idea of owner financing and he seemed open to the idea. However, he recently reached back out to me and said he couldn't justify paying $63,000 for the house I am buying. He is just going to demolish the house, as it sits in the way of his project so I can see why he thinks that is a high asking price. However, he needs the property in order to accomplish his long term vision. He told me that he would sell his two houses to me for what he has in them, which is 145k total. What kind of deal would be beneficial to us both that he would take? I am open to all possible options as this is a very good deal for me. Thanks

  • Ty Glendenning
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