I have a possible deal in the works outside of Charlotte NC and need help asap.
Owner (and builder/developer) needs to sell quickly. here are the details:
Worth today: approx 750K (appraisal was done in October at 820K)
5b/5ba three levels on a country club, new construction, comes with 10K country club membership
here is the deal, i have found a lady who is an investor who is moving back to the area and wants to owner finance this. She can't buy it outright because she is overleveraged with other investment properties. I don't have money to put down and buy it outright from owner.
Is it possible to get a short term hard money loan, buy it from owner all cash (590K) and write up an owner financed deal with the lady investor? Can I then refinance this property into a conventional mortgage and collect monthly payments from lady investor? There is a lot of potential equity in this deal. I know this may be confusing but I really appreciate your help with this.
Walters Property Investment Group, LLC