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Updated about 9 years ago,
"I'm gonna pop some tags, only got $20 in my pocket".. Get it?
Hey guys!
I have come across what may be a pretty good deal, and I need some help.
My distant great aunt owns 2 acres of land in a somewhat suburbanish area. I would classify it as a B neighborhood. The property has 2 houses on it. One is a nice manufactured home in need of minor repairs. The other house is a single family home and it was my Great Great Grandmothers house. It was built in 1940 and needs a complete renovation. As of now, the property has been abandoned for several years but has been kept up with from a 3rd party property manager.
So I gave my great aunt a call and she told me she had been wanting to sell it for several months but never got around to doing it. She said she didn't want the headache. So she told me to make her an offer on the property. So, I did what every great investor would do. I told her I would call her back. :D
I only have a few thousand to work with right now (hence the title) so I'm short on cash and I need some help on figuring out what might be the best way to creatively finance and renovate this property.
So here is my question: If you were in this situation, what would you do? ("refi" takeover, seller finance etc.)
Any help would be greatly appreciated!