Offer him split funding of some sort, 29k now and 29k in 3, 6, 9 monhts or even a year. That way you can you would be able to find the money very easy with Hard Money also being an alternative.
I have done some wraps and L/O in the last couple of years but now have a situation I need advice on.
A tired landlord responded to my letter and has agreed to the following:
My price 58k
FMV 77-80k
repairs 2k max
market rent 850-900
Here is what I’m thinking. He doesn’t want to do a L/O or let me take it subject to the existing fin. Plus I could use a little extra cash for another project. Can I get a 90% LTV loan and put some cash in my pocket then sell on a wrap or create a note and have a money maker that way also.
Credit is not a problem.
With your credit and the ITV of the note you could even do a note deal. When you give me the name of that plumber in Ft. Worth I’ll tell you the details.