Private Money Investor - First Investment Property
I am on the brink of purchasing my first investment property. Below are some of the stats on the property.
The home is currently occupied with an elderly tenant (92 YO) and we are looking to purchase the home well below market value. However the catch is that she want to remain living there (with her dog and cat) for as long as she lives. The house is in good shape and would require little rehab; mostly cosmetic issues.
We are looking to purchase the house for $85,000 (Market Value on the house is $124,000) but will need a 25% down payment. We have an interested party (private investor) to secured the down payment for the house with interest gained on their investment. The problem is that I will not get alot of "cashflow" from this investment as long as the elderly tenant lives there, (I.E. we will only get $150/month cashflow which will be used as a maintenance fund)
The big question is how can I entice the private investor to commit. I am unsure how quickly we would be able to pay the investor back.
Any advice is much appreciated.