How To Buy Friend's House With Low/No Money Down?
Hey BP!
Have a situation I am looking for advice on:
A good friend of mine, who lives in the Bronx (NYC area) is selling his house. He's desperate to sell. It's a duplex MF, a one bedroom apt on ground floor with driveway (no garage), and a three bedroom on second floor. His current mortgage is about $2K per annum, rent from 1st floor is $1K, and I'm sure one could rent the top floor for close to $2K (appliances are from early 2000's)
He hasn't even officially hired a realtor yet, though one is in the wings, she'll have hard numbers for me by Thursday next week. Right now, he wants to sell the house for about $420K (It's extremely close to trains to Manhattan, and bus to White Plains).
He needs to sell yesterday, so I am trying to research how to do that, without it hurting my bank book. Perhaps I go about assembling a team of investors who would buy the house and fix it up for rental (or resale)? Is that even a good idea?
I guess I am seeing it as a gold opportunity to segue into REI, but as ya'll know, funds are tight on my end.
Looking forward to hearing ideas. Or the cold hard truth. Whichever :-D