Is an assumable mortgage my only option?

[Dana Keuning]

Investment Info:

Single-family residence buy & hold investment in North San Juan.

Purchase price: $500,000
Cash invested: $100,000

Working on financing. Hoping to get an assignable mortgage only because Hard Money is 11% 12 months and that changes my numbers for the negative cash flow. Secondly the property is inhabitable (demo by seller who never completed it) and conventional financing will not work on such property.

What made you interested in investing in this type of deal?

The location and growth in the next few years. I’ve always loved the area and wanted a primary here 10 years ago!

How did you find this deal and how did you negotiate it?

MLS in negotiations with seller to possibly do owner financing. I could use tips on how to negotiate this to my benefit and hit my numbers.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I am a real estate agent.