Wholesaling In A Rural Area, Having Trouble Proving Value
I have found a home that I have contracted to buy for 49,900 it is worth between 75k and 85K based on the best comparables I can get for this area and on an appraisal that was done on the home. Im having trouble getting investors to bite on it. So I would like to purchase it myself but I dont have the cash or credit to do so. Are there any hard money lenders that someone knows that can loan with no money down? :-?
Take over the payments subject to... Or lease the property from the owner with an option to buy... Use these techniques and you won't need to spend unneccessary amounts of money on a hard money lender... What you do think about doing that?
Good Luck!
[addsig]
HM lenders won't lend on rural property.
Matt has a good idea. You could also do an owner financing deal where you pay him X amount for a year, then do a refinance.
I started in RE that way several years ago with a 460 FICO!
(When I refinanced I took out $30K cash, tax free.)
I tried that already, owner is an estate they want cash only that is why the will sell at such a discount. Is there anything else I can do? I don't want to pass on this property it is such a good deal.