They do seem possibly open to seller financing the difference of $172K.

You would assume that sellers know that they should optimize NOI before listing, but most don't and STILL want you to pay a price based on what NOI could be.

One, you might want to consider Seller Financing (in Michigan, we call it a Land Contract) which can allow you to buy property while using the Seller as Banker; not all Sellers are open to this, but it can be beneficial to both the Buyer and Seller.

BRRRR works in my market if you buy an absolute steal from the seller.

With that, if I were the seller, I'd ask for a little more than the current market value of the land.

I found the deal, negotiated the price with the seller, and did the work to get the deal done.

Some types of Creative Financing include: Seller/Owner Financing, Land Contract, Wrap, Assumption, Subto, Lease Option, Contract for Deed.

They do this because they want to know you can really qualify but also tend to sell you a bill of goods knowing their mortgage guy will try to use a debt instrument to make the deal look better than it is at the cap rate the seller is trying to sell at.

On one hand the seller obviously wanted as much money as they could get.

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