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Updated almost 6 years ago on . Most recent reply
Creative Financing Options?
Searching for options that I have for this unique situation.
I have a family member that is wanting to sell their property to travel.
ARV 245-255K-- Current loan amount 160K--Will need estimated around 8K in repairs
Seller wants around 100K.
B class home, will make a great rental to add to the portfolio.
I'd like to think I have an advantage with the member being family so maybe I could roll into an Seller finance deal but I'm not sure how to become the home owner and get the seller the 100K. If I acquire the home for anything above 200K it will be a bad deal to take on. Just curious if anyone has any other suggestions or ran into this along the way. Thank you!
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#5 Mortgage Brokers & Lenders Contributor
- Washington, DC Mortgage Lender/Broker
The numbers don't add up.
If they have a loan on it for $160,000, it need 8K in repairs and the sellers want $100,000 out, that's $268,000 and it's only worth 245-255K once the work is complete.
That's 105 to 109% of value.
Tell them thanks but no thanks.