I am in fast escrow on a 2k+ sq ft REO house in a great area of Dallas closing 8/22. I will flip it to my maintenance lead who has worked 4+ years at my 100 door apartment nearby - he found the deal, used to live in it, and wants to own it more than anything.
I need to find him a decent 10-20 year full-am $95k loan from an investor at perhaps 8% rate on a property worth ~$150k as-is. He is a solid guy who can afford the payments and has long-term employment for as long as I can foresee, but he is a semi-documented foreign national without any credit so I expect he can't go to banks.
I rehab apartment communities so long-term mortgages are outside my expertise, but this seems like an attractive note deal since the yield can be high for low risk and lots of equity back-up. If it were not for a valued employee finding it and coming to me for help, I would just buy it myself and rent it out, or fix it up and flip it for over $200k like the comps.
Unlike buying a note, you would get to write the note. I would like to move fast so I can do a same-day close if possible on 8/22, and would love it if someone can help on this one!
Are you still seeking financing? If so give me a call to discuss 713-777-9996 ext 103.