I live in half of a double. Just today my landlord informed me that he wants to sell this property and another across the street. He is only asking for what is owed on both properties. He does not want to go through an agent, he just wants to get out of a partnership that is not working. I am really interested in this opportunity, the problem is that I recently lost my job, and my significant other. I have no assets and not so good credit. I do not know where to turn at all. I am now a sigle mother of two and really want to move ahead and provide for them now and in the future. How can I find a private investor ( or lenders) that is really willing to take a chance?
I’m sure you will find many but you will need to disclose your location…lol.
Aslo double what? doublewide trailer? 2-family home?
If the property is not upside down (owes more than its worth - you will not have a problem typically. Can you make the payments on it your self - if so ask him if you can just take over the loan (since thats all he wants anyway). If you can’t do it alone, I’m guessing you can rent out one side plus what you put in to cover the loan. This way you don’t need credit or a new loan, but you are responsible for the payment.
Find out if he’s willing to seller finance it to you?
just a suggestion
KEC
Both buildings are 2-family. My plan is to continue living on one side for now, and rent the others. There would be no question about being able to make the payments. I just do not know of any company/institution that would be willing to do 100% financing. The properties are not up-side down, so that would not be an issue. I am going to ask if he is willing to seller finance, but I am thinking that in order for him to cut cords with his partner he is going to want cash. How exactly does taking over his loan work? If it goes through the bank, I know I will not be apprved. I know I can do this, and I am going to I jus feel like I have nowhere to turn in central PA to get the money needed. Suggestions anyone?
If he’s willing to do Seller Financing - it won’t ever touch the bank, but he must give you the deed. I don’t know how the partnership deal is struck so I can’t say that by just giving you the deed severes the Partnership relationship. He may need some cash to disolve the partnership from the sale of the property. The question then becomes - How much cash does he need? If the property is owned by 2 people (thus the partnership) He may only need a little bit of cash to pay the partner off and disolve the partnership. Could he sell the property across the street to disolve the partnership then owner finance for you? Theres many ways to skin a cat. I would suggest finding out exactly what he needs and then look for a solution that will work for both of ya’s. The key is giving the seller what he needs thus making him happy and getting a winning deal for yourself. I wouldn’t let any stinking partnership get in my way if it’s gonna be a great deal for ya. Talk to seller, Determine his needs, Then find the solution taht works for you and him. Don’t give up. Like I said theres many ways to skin a cat. You could go to a hard money lender if ya had to. Borrow private money from a friend at a higher than normal interest rate, etc. This should be an easy deal to swing if theres alot of equity and he wants to walk away with just the loans paid. Hell, I may even be interested - Any good hunting spots where you are…lol?
KEC