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Updated over 11 years ago,

User Stats

341
Posts
22
Votes
Shequann Burrwell
  • Wholesaler/rehabber
  • Arcadia, FL
22
Votes |
341
Posts

funding needed for buy and rehab home

Shequann Burrwell
  • Wholesaler/rehabber
  • Arcadia, FL
Posted

A multi-family home i been looking at and very interested in has come up with a number of issues from the current tenants that don't want me to get screwed in the deal. now the home has a foundation issue because the basement keeps flooding. the current owner has had to refinance the home to pay for back taxes never paid. the wood beams in the basement are rotted real bad. the boilers need replacing and walls need insulation the electric in one of the apartments is illegal and running off of the boilers electric. the septic is draining into a nearby lake and the pump that is suppose to keep the basement dry isn't pumping the water out fast enough and is also draining into the nearby lake. some of the siding need replacing and the floors are slanted to some degree. the current owner and previous owner are friends and have not done any repairs. i still want the house but how do i go about getting funding to buy and rehab the house without doing a traditional loan or hard money since 35% up front is to much to come up with. also is there a way to force the landlord to sell the home cheaper the town has it at 207000 but he is asking 359000.

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