Creative financing for an off market property
Newbie here with one LTR. My friend has multiple STR's in Pigeon Forge /Sevierville area. 1br/2bth mostly. She told me recently that she might put 2 of them up for sale this spring. She retired and looking to slow down. I told her to let me know. She's Real estate savvy so I don't think she'll leave money on the table. Most likely in the 499k. If all the due diligence checks out, what are some creative financing options I can present to her? I wouldn't mind acquiring an STR, if it makes sense.
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#2 Short-Term & Vacation Rental Discussions Contributor
- Olympia, WA
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#2 Short-Term & Vacation Rental Discussions Contributor
- Olympia, WA
You will need to chat with her @Dee Guzman. There is no hard fast rule about owner financing. It is whatever you 2 agree on.
Just make sure you are up to the challenge of running a STR. Many folks see a performing STR, they buy it and can't figure out why they are 50% down from the previous owners numbers.