We are currently in discussions with a current owner to buy a property that is on the market for $950,000. The property is worth $800,000. The owner will provide owner finance and needs $200,000 spent on the property.
He wants to get as close to the asking price as possible. We have $400,000 in total to spend on this project. We want to create a creative offer that works for us, gets the owner the asking price but at the same time allows us maximum cash flow which will be needed at the beginning of the project. There are four condos in total and we are buying the whole building. Once renovated with intensive marketing could earn gross $200,000 per year.
We are looking for someone to be creative with an offer, and provides maximum tax advantage. This will be a commercial venture