So I found a seller of a distressed property not on the MLS. Now what?
I was driving for dollars last week and I found a property that had a for sale sign. I figured I'd check since they said they'll finance via land contract. I called the number and met with the guy and he walked me through the house. Quite a bit of work has to be done. In fact, the property is so cheap that the repair costs is more than what he's selling the property for.
Being a contractor, I met with him and did a walkthrough to get an estimate of the rehab cost and not really much else. He did however had 2 more properties that he showed me as well. 2 SFRs and 1 2-flat. He did say if I buy all 3 he even give me a discount.
Now, not having bought a house before, what exactly do I do next?
Some context
My end goal is cash flow
I don't qualify for conventional lending due to a myriad of reasons
I have some cash, but having put it in the rental analysis calculator, I don't even come close to what's needed for the project.
here is a link on one of the properties
https://www.dropbox.com/s/i5l2qt361352asy/A2%20Investment%200001.pdf?dl=0