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What dose purchase on contract for deed mean? Is that owner financing? I do understand the leverage concept and also owner financing wants usually a min of 5%. 5 points on 300k is 15k + closing costs = Im fucked.
I think that is my biggest block, is the funding. I have only 10k saved. Realisticly I think I would need to get some kind of loan for rehab. I think I am going to try to develope some kind of business plan that I could pitch to potental invester/partners. I want to focus on two areas of the market:
1/ rehab old turn of the century victorians into apartment buildings I think this is a great Idea because there are a lot of huge victorians in the Stockton area that are zoned Muli-res. you could turn out one of these vicks then get all units leased and sell to invester for top dollar
2/ Single family homes 1400-1700 that are 1970 or newer. more realistic and reproducible Idea.
I have to be creative and go through some kind of back door. All I know is I can do it somehow.
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