Cheap land, but no money to work with!

[Dakota Rice]

My brother just gave me the run down on a property he would like to buy. It’s 8.5 acres in southern Idaho. The property has a 24x36 insulated shop, along with a rundown cabin and garage. The owners are an older couple who have retired and had squatters in the place previously. They want around 200k, and won’t seller carry. The owners have posted an add on Facebook about the property but it has not hit the mls yet.

My brother does not have any money for a down payment and would have to sell a vehicle to come up with around 10k. I have mentioned the urgency of getting the property under contract, because for that low of a price a cash buyer could snatch it up at any moment.

What do you guys think? How can my brother go about financing this property with little to no money? Would a local bank loan on the lands’ appraised value since the only building with much value would be the shop?