Skip to content
×
Try PRO Free Today!
BiggerPockets Pro offers you a comprehensive suite of tools and resources
Market and Deal Finder Tools
Deal Analysis Calculators
Property Management Software
Exclusive discounts to Home Depot, RentRedi, and more
$0
7 days free
$828/yr or $69/mo when billed monthly.
$390/yr or $32.5/mo when billed annually.
7 days free. Cancel anytime.
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Creative Real Estate Financing
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated 5 days ago on . Most recent reply

User Stats

1
Posts
0
Votes
Jesse Simmons
Pro Member
  • New to Real Estate
  • West Virginia
0
Votes |
1
Posts

Creative financing options for distressed property

Jesse Simmons
Pro Member
  • New to Real Estate
  • West Virginia
Posted

Real-estate Rookie here, 

I am going to try to make this as concise at possible.

There is a mixed commercial unit for sale in my market that I have had my eye on for awhile. The property has been on the market for at about 2.5 years. It has a lot of potential, but will need a lot of work. I believe it is over priced (originally for sale by owner for $280k,later listed through agent at $360k), but I feel like the seller may be open to a creative financing option. 

Property includes: (2 buildings)

The large old building with main level office previously a dental office and potential for build out second floor of (1)-1br efficiency apartment, (3)-2br/1bath. This building will basically need a full gut reno.

 A smaller building that used to be a small community bank that could easily be retail space/ cafe.

I will qualify for conventional financing for this property, but with interest rates being what they are, I'm not sure that's the best option. Also considering the length of time/ amount of work that needs to go into the property I may have some leverage to enhance the overall deal.

I guess my question is what should I do? What are some creative options of presenting a seller financed deal? How could I best secure financing for the renos to get each unit up and income producing? Really ANY advice would be welcomed. 

THANKS In advance

  • Jesse Simmons
  • Loading replies...