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Updated about 2 years ago on . Most recent reply

User Stats

279
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260
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Mike Terry
  • Investor
  • Fort Myers, FL
260
Votes |
279
Posts

Help with creative financing strategy for neighbors house

Mike Terry
  • Investor
  • Fort Myers, FL
Posted

Hi BP community, I would like to request your help.  I have an elderly neighbor that I have known for 15 years.  She has recently been admitted to a memory care facility.  Her home is free and clear and her sister wants to sell it.  They have talked to a realtor but have not signed anything.  I have run it through the fix and flip calculator and the rental calculator and the results are pretty bad for her.  Her sister needs the money to pay for her care.  I don't know her financial ability to pay, but do know she has military spousal benefits.  I think I would suggest some type of owner financing may allow me to pay more because the challenge is interest rates and financing costs.  If you can lend some expertise in the area of owner or creative financing I would appreciate.  I am an experienced investor with 10 plus flips under my belt and a rental portfolio of 27 doors, but I have built it all with conventional or commercial financing or cash. Please help me help her!

  • Mike Terry
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