Updated over 6 years ago on . Most recent reply
Seller Finance Question
I’m trying to piece this together.
I have a property in my neighborhood. The home's ARV is $200k. The owner wants $150k. He owns it free and clear. I want to offer the owner a seller finance option. Rents are $1400/month. The property needs work in the basement with mold damage, it has a rat problem. It needs honestly about $15k worth of work. I am wondering how this would be a win for me. How could this work for me?! Would this deal make sense? I'm new but not scared to take action!
Second Question: Could I get a HELOC or some kind of loan once I lock in the owner finance to get the capital to fix the property or bring in a partner?!