I could use some good ideas from some seasoned members out there. Here are the basics:
Old home renovation almost complete. Tenant/buyer bought on a land contract and now that the balloon is due, he can’t refi and cash the owner out because of an IRS problem.
What he owes: 115k plus 25k to finish renovating
What he needs: Someone to loan him the money or someone with credit to partner with to get it refi’d.
Appraisal as of a month ago: 250k
Ideas? I can swing the refi without much problem. What’s the best way to approach this one? Refi it and carry it 6 months, collecting rent until he can buy, with a profit built in? In that case, lease/option?
Thanks
Byron