Contractor · Jackson, MS · Member since 2016 · 45 posts · 14 votes
Hey BP friends ,
I got this investor who approached me with the chance to buy 2 properties. I'm gonna try to not bunch everything up so details below
4/3 sfr
he's asking $120k which has lease option tenants paying $1450 per mon* $200 credit towards principle with one year left with the option to buy for $160k.
7/5 sfr
he's asking $150k also with a lease option tenant to buy in 1 year for $185k. House would appraise for $220k
How would you purchase this deal if you had no money ?
Specialist · Riverside, CA · Member since 2015 · 6k+ posts · 3k+ votes
8y
You wouldn't because he's already doing owner financing through a lease option with someone else. I don't see any way for traditional lending to work in this scenario and a HML probably wouldn't be worth the cost.