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Updated about 3 years ago,
Creative Financing - almost there
Ever feel like you're on the cusp of an awesome deal, but you just have a little ways to go? That's where I'm at. Calling all creating financing gurus!
Here's the scoop: A seller is willing to create a seller financed deal (15 year, interest only) on a large rural property. Improvements include several barns, fencing, several houses (one very nice one!). There are existing leases in place that provide half of the required income needed to cover the monthly interest payments (sellers are very willing to have this included in income requirement). I am able to cover the other half with my own rentals and other personal means. Property taxes are waived through a state program. This is a good start.
Seller is wanting $1M for a DP. I can cover $150-200K in liquid cash, so I need $800-850K for the rest. Does anyone have experience here with raising this sort of money for a DP in an unconventional scenario like this or figuring out a satisfactory scenario that is mutually beneficial? To the seller's credit, they're extremely amenable to creative arrangements, but they do want (understandably) the DP. What can I do? Any and every thought welcome.
Thanks
Jonny