New Hampshire Hard Money Deal - Close

580

None

No

Concord

New Hampshire

$335,000

$10,000

I have signed a contract to purchase this home at $335,000. It has been appraised by a real estate agent at $476,000 as is. It is 3 bedrooms, 1 bath with a 2 car garage on half an acre in a very desirable area of Concord. It currently has tenants on a month-to-month lease who would like to stay. They are paying $2500 a month but are willing to pay more to stay. I am purchasing this as an investment rental property. This is a great deal with $141,000 in equity already built in. I do eventually plan to do some updates which will only increase the value. I have little liquidity, but sufficient income and some assets (a primary residence in another town in New Hampshire with $150,000 in equity. This is a great deal for the private lender who would like to earn more interest than is currently available in typical investments such as CDs and stocks and bonds. I need to move quick as the owner wants to sell this in the next few weeks. She owns it free and clear and wants a private sale. She does not want to deal with real estate agents and listings and showings. Less paperwork for everyone. Given the equity already in the property and the fact that I would like to do updates I do not want to spend money on a downpayment and closing costs. If those could be rolled into the loan that would be great. I'm willing to consider a short term loan(12-24 months) as I plan to sell my permanent residence in the next year. My exist strategy would be to use the proceeds from the sale of my permanent residence to pay off the loan or to refinance it.