How would you creatively finance a property that has 4 trailers/mobile homes on almost 10 acres, where seller is offering owner financing with qualifying down payment?
Listing says "Great return on investment. Rural 4 Unit 9.9ac County approved Trailer park. 4 Trailers included. Great income property with land to spare. Seller will carry contract with qualifying down payment.".
Do you know of any low, or no money down ways to aquire a property like this (private money, etc?)?
I heard years ago "The stupid question is the only one you don't ask". So I'll ask, is there any creative financing strategies that can be used where all, or part of rent payments would go to a private lender, until it could be re-financed.
First step is to find out what terms the seller is offering and what qualifies as a down payment. At the moment you essentially are asking how many times you need to stop for gas on a road trip when you don't even know the mileage of the car. If a down payment is $5k you can proably come up with that on your own, if it is $100k maybe not so much.
Tons of OPM sources for DP, depending on the least seller will take.
Many, many times I've used existing deposits that seller is supposed to give to me as part or all of a DP. The rent you'll now be getting is income, so you can use it to pay anything you want (including a lender).
@Aaron K. , I sent a message to the real estate agent asking how much of a down payment the seller wants/what the seller wants for monthly payment, how much rent they are receiving, how old the mobile homes are. But, I know there is more I should be asking.
@Mark Durham Thanks for the information. When you say "Tons of Other Peoples Money sources for Down Payment", are you saying sources found on Bigger Pockets? Can you direct me to the sources of OPM, that might be able to help me? I am trying to figure in my head if it would work, since I would be paying the OPM for down payment back, and also the seller over time.