I’ve had a really nice opportunity land on my lap. A gentleman I know wants to get some real estate off his hands and wants me to be the person to take it over. He’s an older gentleman looking for a small payout and someone to take care of his properties. Here is the situation. I recently stopped working, as I’ve been planning to take a hiatus to focus on a personal project for 120 days before returning back to work. I usually make around $125k/yr in a very high demand field. I have some savings.
There are two properties.
Property one is mixed use. Upstairs is 3 bedroom 1/2 bath home, while the bottom floor is a small convenience store. This property has an ARV of about $300,000 and he owes $70,000 on it.
The second property is a large 3800 sqft single family home. The ARV on this property is between $350k - $400k. He owe’s $30,000 on this property.
The gentleman wants me to purchase these properties and give him a little cash so that he can move out of country and live with his wife(non-citizen). He also wants to keep a stake in the first property (convenience store).
My challenge is getting the funds to purchase these properties. There is some rehab work required, but there is so much equity in the deal that I figure I should be able to do it all without any of my own cash. I haven’t had an income for about 2 1/2 months, I had no idea this opportunity was coming - or I would have kept my job.
Is there any good way for to buy these properties No money down? I do have potential partners I can bring in, and the seller is willing to play ball, so long as he can see about $60k cash up front.
I’ve thought about going the hard money route, but it is so expensive, and I’m still faced with the dilemma of refinancing into my name once the rehab is done. I’d rather not sell the properties.
** I should add, both properties are in one of few sought after neighborhoods in St. Louis, Missouri.**
Any ideas, any interests?