Updated about 3 years ago on .
Opportunity and Financing
I own a successful Property Management company and continue to learn and grow. For 2023, my goal is to begin purchasing homes to self-manage and invest in my own portfolio. I have an excellent opportunity to purchase a home I currently manage, for well under the value. The owner is desperate to sell, and only wants payoff. The spread from market value to payoff is close to $100k. It's a steal, and I know all of the home's maintenance history and future needs. I also know the rental rate it's worth and presently showing for new tenants as we speak. However, I have a private mortgage that is only a year old, and so it will show as debt. Is there any good lender or way to cover this purchase? All he wants is payoff, and that is about $73k. Do you have a recommendation as who to pursue for financing? Cash isn't an option - I won't touch that.
Thank you in advance!