I have a single family home that I am interested in doing a buy and hold transaction but based on the selling price there really isn’t enough equity in the home to do a hard money loan so that I can purchase and refinance later.I am looking for someone to carry the note for maybe 10 to 15 years with a very good interest rate with an option for me to pay it off at the 10 year mark.I am open to any type of options that makes sense.The property is located in central Virginia and in area that is in high demand because of the school district.Just wanted to know if anyone has some steps that I can take to solve a problem like this?
Thank you in Advance,
Have you asked the seller if they will finance it? A motivated seller will consider it.
Have you considered not buying it? If there is a personal reason you want it, that's one thing, but if it's purely an investment there's likely a better one (i.e. one with equity). I'd be a little concerned buying a property that a hard money lender won't lend on.
As far as ways to finance an non finance-able property, you could take out a loan against a separate asset such as a HELOC on an already owned property.
http://pellego.com | WA Agent # 111271
Thanks for the replies it was not a good deal based on the numbers. Like you said @Gideon Sylvan was something that a hard lender wouldn't do so that should have been red flag number 1.
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