A gutted owner financed.

[Ray Agosto]

Hello BiggerPockets forums, I need help on a couple of these questions if you have any tips or advice please help don't hesitate to comment or suggest a method on this. So I'm going to reach out to a possible owner financed property, I've seen inside the property already it's a two bedroom full house offstreet parking. Now I want to obtain the property to live in but there's a dilemma. He started gutting already and also it's not much work new floors, new cabinets so on so forth. We're looking at about 10-15k in repairs. So what are some tips to approach the owner with a owner finance contract? Also how would I be able to financially support updating what he had gutting. So please anything helps .

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Originally posted by @Ray Agosto:

Hello BiggerPockets forums, I need help on a couple of these questions if you have any tips or advice please help don't hesitate to comment or suggest a method on this.

So I'm going to reach out to a possible owner financed property, I've seen inside the property already it's a two bedroom full house offstreet parking. Now I want to obtain the property to live in but there's a dilemma. He started gutting already and also it's not much work new floors, new cabinets so on so forth. We're looking at about 10-15k in repairs.

So what are some tips to approach the owner with a owner finance contract? Also how would I be able to financially support updating what he had gutting. So please anything helps .

 You knock on the door while he is there and introduce yourself. Ask him if he would consider you buying the house "as is" and you would do all of the rehab. Then ask if he would consider owner financing. (However, if he is gutting the house, he is probably wanting to "flip" the property and has already done all of the up front calculations and financing based on that. So, don't be surprised if he says "no" but there is no harm in asking and he might know of someone who has a property and type of financing you are interested in.