creative financing ideas?
I have found a Fannie Mae house in my area and believe it is a real deal. It is a 3 bedroom 1 1/2 bath built in 1935. The wiring needs updated, exterior painted and bath remodeled, all of which I can do. The house has been on the market 120+ days and is listed for $29,000. I will offer much less. I figure the upgrades at about 10,000 and rent in my area at 650 a month.
My problem is financing. The banks won't loan for less than 40,000. I was thinking of a private investor, but didn't want to beg for money. So, how does one find an investor without time to do the "elevator talk"? Also, this would be my first deal and I have no record that would ease the mind of a potential investor. All I have is 20+ years in the construction industry.
Thanks in advance for any advice!!