Found a great vacation deal- but need some finance thoughts

[William Collins]

So here is a bit of context.  This is a quadraplex in a beach community in Connecticut, and it has been vacant for a long time period (read years).  Due to this factor I don't think that conventional finance will touch the deal.  Knowing this- I made sure to have my realtor @Michael Noto reach out ahead of time to the sellers realtor.  After being assured they would want to provide owner financing if there was an attractive offer- they came back 10 days later with a "we love the offer but we are not sure on the owner note".  As I usually do value add realty- I do have enough cash to renovate the property.  The current offer is a 220,000 with the financing built in (10% down and I cover realtor commision).   The property will take 80,000 all in to renovate to my standards.  This is a 3 season property with the intention of AirBNB , VRBO, or weekly rentals.

What are you thoughts?

1) Get a private equity backer? 

2) Work a hard money deal, with a refinance at the end (and lower my offer).

Any thoughts appreciated!

Cheers!

Bill

[Judy Rae]

If you have enough down payment using a Hard Money Lender is a great option.  Some programs these days have interest rates down in the 7.99% range.

FYI, I personally have vacation rentals in Fort Lauderdale and Palm Springs.  Nobody will bring you more inquiries than VRBO & Homeaway.  Airbnb holds on to the rental money until after the client arrives......just what you don't want.