First deal out of state?

Question

I possibly have a deal with my father in law. He owns a condo free and clear and has been vacant for a while. He personally wants nothing to do with it but make money from it being sold. I don’t have the funds nor do I know where to find them. The property is in CT. Anyone have any ideas?

Brett Merrill · Answer

Seller financing in which he is the "bank" would most likely be the best strategy. He can either hold the whole note or sell it to you where you have a first note with a lender and he holds a second for the amount of the down payment required by the lender. I've done this many times. However, not all lenders will allow for it.  Make sure to do your research here on BP on how to run ALL the numbers so that the property cash flows and or provides the ROI you are looking for before establishing the financing #'s to see what works. However if he is looking for all the money now and or soon you can look into finding a money partner who has the funds and you can purchase together with an LLC/Joint Venture. There are another couple creative options but these would most likely be the best. I work with a lot of people in the MA/CT area and have a great team in place. Please reach out if you would like to connect.

Eliott Elias · Answer

Owner finance from him.

Samuel Eddinger · Answer

@Connor Welch - two options; sell or have someone manage the property for him to bring in income.

Where is this located?  We run a PM company in central CT.  We can also help you sell the property or I have been purchasing the property in cash if it is in an area I manage.  I'll DM you.

Connor Welch · Answer

That’s what I think I am going to have to try to shoot for when I talk to him about it next.

First deal out of state?

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