In the spirit of Creative Financing
We would like find a creative way to finance a project in rural Eastern Shore of Virginia. There are 2 houses on 1 lot. House A is 1760 sq ft. Needs major rehab. House B is 1300 sq ft and also needs a full gut rehab. Seller has asked for 65k total. Rehab for House A is between 125 and 130 k. House B will be about the same even thiugh it's smaller, it needs more work. ARV for each house 225 to 250k each. Avg rents for these size houses is 1400-1500 each. Seller does not want to carry back a note but is open to delayed purchase. Any suggestions on delaying purchase for a a year or 18 months, finance rehab, refi in a year to get seller and lender paid? Seller obviously needs some sort of collateral for their security and payoff guarantee.
Please put on your creative caps and help me create a win/win/win for lender, seller and us as the buyer.
Thank you community.