Structuring a deal
Greetings all,
I believe I have found a solid deal just waiting to be made but I am unsure how to approach this.
The stats:
SFH 3bd/1.5bth 1200 sq ft ranch
Listed for $74K
CMA's between $80k-$90K
The listing price has dropped to almost half its original in the last 8 months.
The property has 200+ days on the market. I have approx. $30k in the bank. I have not been inside but I have grew up in this city and know this are backwards and forwards. This house is in a very good neighborhood and the exterior and what I could see of the inside appears to be good. The home just appears to be neglected. I believe it will definitely pay off. My credit isn't even close to being in solid shape so my initial thoughts are to go with HML's. My exit strategy is to buy and hold. Refinance 6-9 months after acquisition and rent out during the entire process.
Some suggestions on how to structure this deal would be highly appreciated.