Ideas for Financing Buy & Hold in Indianapolis
Hey everyone! I have the opportunity to buy a small 3/2 SFR in a B+ neighborhood actually just down the street from my own house the Indianapolis area. It would be a buy and hold for me.
I have inspected it & the owner knows my intentions. We've even come to terms on a price of $95k. Originally, he was ok with me buying it subject to. He relocated for work and has no need for the house. However, he has now had some family issues and doesn't want the mortgage hanging out there.
The house needs about $2k in work. It could be listed for $115k, but I'm not looking to sell it as it should rent for $1000.
Anyway, I'm not in a place to get conventional financing for this house right now, but I really don't want to let this deal go on by. Does anyone out there have any new, creative, interesting financing ideas?
Thanks in advance!