Great Short sale deal, what can i do??

[Lily Ardila]

Hi all Again!

Theres a great deal in my area listed for 190k as a short sale and comps for traditional sales are 300-350K. We saw the house, the main floor is in great condition. But in the disclosures, it says the house "likely has mold and water" so if anything repairs cannot be higher than 10K. 

So my question here is: what are the different creative financing methods i could possibly apply in this scenario? Aside from purchasing it with a hard money lender since it most likely it won't qualify for a regular bank loan due to the loan...

Any suggestions you may have are soon greatly appreciated! Thanks you guys!

[Wendell De Guzman]

Lily, creative financing in a shortsale is likely out since banks usually sell a shortsale to a cash buyer or those who can qualify for hard money  (specially since you have this mold issue). 

One way to finance this with as little money down as possible is as follows:

Step 1: qualify for hard money

Step 2: for the downpayment, you can partner up with another investor who can put up the downpayment OR, you can explore P2P (Peer to Peer) lenders like LendingClub to help fund your downpayment. If you have good credit, P2P might work for you.