So I came across a Multi-Family that is currently being rented out, but the build needs a ton of work. Has anyone ever done sellers financing, then done rehab, an turn around an get a mortgage under your own name? Feel like there is a lot of risk to this, but also a lot to gain. Just looking for thoughts.
Gets done that way all the time...
But no one can really chime in without looking at any numbers (purchase costs, rehab costs, rent roll) etc
The main risk to me would be to rehab something you don't own like with a Land Contract or Contract for Deed. You own zip with those until you pay them off.
Mortgage/Deed of Trust only or no deal for me.
It was basically a generic question. Do not have numbers, but the thought of doing a deal this way seems appealing.
So good deal with sellers financing ->get private money for rehab->do rehab ->get mortgage after seasoning. This kind of stuff happens frequently?