Would like to make my first deal, Involves 2 properties. 1st is now 33,900 3 unit 1- 2 bed room and 2- 1 bedroom 2nd is 29,000 2 unit both are with same owner is in declining health. Motivated seller , has called me to down on price from 39,900. Problem is I cant get local financing. 2 problems Recently unemployeed and Credit problems. Trying to get fixed. Now is the time for me to get in gear, before I made to many excuses. Listend to to many negative people. Talked to owners (husband and wife) They have to have at least 10,000 down for medical bills and I can not come up with that. Houses are probably worth 80,000 and 70,000
both in need of repair. Figure about 6,000 each for repair and appliances 2 unit is currently rented and has been for 5 and 8 years. no A/C in either. Second house only 1 of the three units is rented. needs updated and repairs. have not pulled utilitie bills yet to see but just weatherizing would be a huge improvment. rent has not been changed in 8 years on either property. lots of room for opportunity. Help and suggestions please located in indiana.
Have you considered getting them under contract and then marketing to a local investor to assign your contract? A typical assignment fee is $2000 - $5000 depending on the deal and you don’t have to come up with any money.