Amazing Deals NO Money to make it happen.

I’m in a frustrating situation and wanted to get some outside opinions.

I’m the treasurer of a small condo complex that I also own a unit in. Since joining the board, I’ve helped restore the financial health of the HOA and significantly improve the appearance of the property.

Because I know the complex inside and out, I’ve been offered several opportunities to buy units at prices well below their appraised values:

One owner wants to sell me her unit for $70,000, even though it appraised around $107,000.

Another board member was willing to sell me multiple units for $350,000, with a combined estimated value of $450,000–$500,000.

There’s also a unit headed toward foreclosure that could potentially be purchased for around $40,000, despite being worth roughly $100,000.

In a best-case scenario, I could end up buying 8 units for about $460,000 that are collectively worth around $650,000–$700,000. About half are already rented, most need little to no renovation, and projected cash flow would be roughly $300 per unit per month once fully occupied.

The problem is financing.

The condo complex is considered non-warrantable, which limits financing options. I was pursuing DSCR loans, but my credit dropped from about 650 to 600 after I accidentally let a vet bill go unpaid for several months. That one issue effectively ended my financing options.

I also don't have the typical 25% down payment. My original plan relied on a gift of equity from one of the sellers (who has been something of a mentor to me). That structure had initially been approved through another financing path, but DSCR lenders wouldn't accept it.

I have around $50,000 in equity in my current condo, but with my credit where it is, I don't qualify for a refinance or HELOC.

I could probably wait a month or two for my credit to recover, but I honestly think these opportunities will be gone by then, either bought by investors or wholesalers.

Has anyone dealt with a situation like this? Are there financing options or creative structures I may be overlooking, or is this simply a case of having to let an opportunity pass because the timing doesn't line up?

submitted by /u/Ryphly
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source https://www.reddit.com/r/RealEstate/comments/1v86ywh/amazing_deals_no_money_to_make_it_happen/