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Updated over 6 years ago,
Creative financing options?
If this were you, you would........
Assumptions: house under contract
Buyers credit: not great
Buyer has equity in primary residence.
Purchase price: $365k
Downpayment: 10%
Rehab: $50k
ARV: $600-$620k
Buyer has a HML willing to do 10% down on this contract. Friends and family circle have been tapped and have $16k towards the downpayment. The house is in an A neighborhood and average DOM is about 1 day.
What are the next steps you would take? Is there places who will lend to cover the DP? What other options are there to get DP covered? Looking to soak up great ideas. Thanks in advance BP members!