I ran across a 3 bedoom 2 bath house for $25,000 it needs about $10-15,000 in repairs. The comps are running about $70,000 to $80,000. It’s two miles from a community college and rents are about $600 to $800. The owner only wants cash for the property and I don’t have it. He is some what of an investor his self doing it on the side, and he has 1 or 2 other properties he’s tied up with and has to much on his plate right now.
What do yall think about the deal?
What are some creative ways to obtain the property?
Sounds like a good deal in terms of numbers, at least from what you’ve listed.
Try to find a private lender. There’s places online also where you can borrow money such as prosper.com and firstagain.com that are a bit unconventional. A good source of money also is borrowing from your friends/family who have a cheap equity line of credit on their house that they can tap. I’ve done it many times and it’s a great way for you to do the deal, for them to make some extra income (you pay them a few points more than what they’re paying to the bank). Be creative.