Need Creative Ideas for Financing Property
My partner and I usually focus on short sales, but today, I received a call from a Seller who owns their property free and clear. The property is in an area we work with and the current asking price is comparable to current ARV prices.
He and his wife are 78 years old and do not want to hold a long-term mortgage due to their age. When talking to him, he was amenable to holding the mortgage up to a year. I did not attempt to talk him into any longer, based on his original assertion about not holding a long-term mortgage.
I am supposed to meet with him next week to go over ways in which we can purchase this property. At this point, all suggestions are available. I told him we would bring multiple financing ideas with us, so even though our discussion ruled some ideas out, I am still willing to present those to him in a face-to-face meeting.
The only idea I have is lease-option with no money down. I can then turn around and find a tenant/buyer to rent/sell to and essentially rent/flip the property. I would charge the rent-to-own buyer a down payment and a higher rent than I would be paying, but my issue with this is that if I can not get them to accept holding the mortgage for any length of time, I will not be able to profit from this deal.
All ideas are highly appreciated and desired.