Newbie Has Idea
I've been reading all I can on REI, and I was just wondering how this idea sounds to you pros...I am still trying to find the "right property" but have has little luck in the funding department (poor credit). I was thinking if that if I can find a multi-unit property that has seller financing and enough equity, that I could convince the owner to refinance using a limited liability partnership so I'm the only responsible party and they get their needed cash. Any insight would be appreciated:) thank you jeff
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You'd have to get them to refi at about 80% of the value and then have them carry 20%.
It's a tough sale, but it might work if you contact enough property owners and find a seller with enough motivation and equity.
You're essencially making an apartment purchase "sub. to".
Your best bet will be to look for motivated sellers and distressed properties (ie, motivated sellers).