Creative Financing Options?

[Cory Benedict]

Hi, I'm new to investing and with that my knowledge of available options are limited. Here's the situation that I would like to get some experienced advice on.

- 3 unit apartment building w/ solid renters.

-Owner wants out because he has a ARM that kicked in and w/ mortgage payments & insurance he is losing money every month.

-Currently I haven't been able to get his sell price down and he is at the top price for market value leaving no equity.

-Self employed with low credit, he claims re-fi is not a possibility.

What options could I use to get him under contract and leave room to turn this around for him & his wife before they hit foreclosure which is coming shortly?

Any suggestions or ideas would be greatly appreciated!

Cory

MI Home Buyers, LLC