NEED PRIVATE MONEY TO FUND DEAL
DEAL : Needing private money. PS note this my first Private money transaction, just being honest and therefore wish to have a honest helper.
Its a property in B- neighborhood, comps for area are all above 80000 but property is being sold by a guy relocating and want to do the 1031 exchange. Last appraisal shown by owner was 75000 done three months ago. Its 40000 cash and has a section 8 renter who have rented for over 12 years, city pays 650 on the first of month directly to owners account.Owner hardly get called about anything.
I toured the property at lunch time since it next to my hospital and its not bad at all. Its all brick and in a very quite neighborhood. I just dont have 40 000 cash but will interested if anyone will want to do private lending to help me get this deal. I was thinking 40000 all cash and can do refinance cash out after six months to pay 40000 with 8% interest. Any help will do guys. Thank you