Cash only house deal
We are moving to a small market outside of Seattle, tiny town. My gf has bought a house and everything is set to close. Right next door used to be a mess of a neighbor that finally got evicted. House is old and could’ve rehabbed. (Which will most likely happen with a quick shoddy fix and flipper). Would be easier to tear the place down and rebuild, but since we now have vested interest next door, I would like to acquire it and tear the house down for the extra space, land, and future to build a shop. They listed the property as a cash deal only as it is not bank financeable until major renovations. I’m in a position of starting a new business that is already taking off but due to little income, it would be impossible for me to qualify. If possible would like to see what the probability of a short term (24 month) hard money loan could possibly do for me until I get enough financials to refinance into a conventional loan.
Our realtor thinks I’m crazy due to my finances not quite there. I feel anything is possible, I just hate that it’s priced decent and the fact it may be flipped as a lipstick on a pig situation. Probably work for a flipper and quick buck, but I want to make the neighborhood better and clean it up while creating more space for us.
Am I crazy?