I've found a Property with Tenants already in place for sale thru a Property Management Company. The Numbers look pretty good for my first deal. One little problem. I have Bad Credit and I don't have the Cash for the down payment. How can I BEST approach the Property Company with an offer in a situation like this? My Goal is to fix my Bad Credit over time, but this is the first property I've found where Everything is already set up, I just have to find a way to take ownership, and then would offer the Tenant a 2 Yr. Lease Option to Purchase their First Home.
Here are the Numbers and I would apprieciate any Guidence or Advice on how I could possibly make this deal happen for me.
• 1 Year Rent & Home Warranty
• Projected 23.6% 5 year IRR
• Projected 13.4% first year cash return
• Over $3,137 in first year annual cash flow
• Completely renovated inside and out
• Tenant & management in place
Thank you for your help.
Frank in Maryland.