I am in need of some advice from the biggerpocket nation. I am looking at a property that is about $80,000 to purchase, it can bring in around $1,100/ month rent. I am trying to find some creative ways to finance this property as I do not have any cash on hand to do it. This would be my first rental. The home has comparable sales of around $70,000-$120,000 in the area. This is a great property 4bd 1ba with some other potential. I am not asking for money, or for a JV partner on this deal (unless your interested lol just kidding) the house sits right next to me, so it would be easy for me to maintain. My partner is on board with helping me as I work overnights at a hospital full time. This property would simply help with my income so I may buy other properties down the road. Any advice would be greatly appreciated.
Thank you for reading.
Can you narrow down the ARV? It seems like a large range.
Do you know that owner?
How did you find out they are selling?
You can try to ask the owner to carry a contract on the property if they don't need the money up front.
This is pretty much making the seller the bank and you pay them the mortgage payment and downpayment. You just have to negotiate terms that work for both of you.
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