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
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).