Hi, I want to do a real estate deal. The people just want to get rid of the property. It’s in good condition. I don’t have any money. Should I seek a hard money lender? Will I get 100% financing? If not, what can I do?
Can you give some more details on this property!
Appraised value!
Your price!
estimated repairs!
If the seller wants to get rid of the property, you may not have to get new financing.
First, is there any profit to be made in the deal, if so then you may want to consider a short-sale with the bank or a long term lease-option that requires little to no money out of your pocket. It’s just my humble opinion, but the last resort for me is getting new financing unless the deal has a great deal of profit in it.
What is the current value of the home?
Current payment? and how does that compare to the going rents for this type of home in the area?
How long has the loan been in place? The longer in place the more monthly paydown.
Does the home need any work, if so, how much money will it take to bring it to turn-key condition?
What is the appreciation in the area?
What interest rate is the current loan at?
It appears from your email, you have a motivated seller, that’s always a good start.
Enjoy your day,
Ray Rochefort
Managing Member
Purpose Investments LLC