Any Suggestions - Posted by David

Posted by JohnBoy on April 23, 2002 at 18:33:25:

Does he owe anything on the property or is it owned free and clear? This could play a big part in this as to how the deal may be structured to be beneficial for both sides.

If the property is owned free and clear, does he need any cash out of this or is he willing to carry it all if you can work it out to where he can stay in the property?

What are the other 2 units renting for? Are they currently rented?

What are the taxes on the property?

There may be a number of ways to work this but we need a lot more details.

Any Suggestions - Posted by David

Posted by David on April 23, 2002 at 17:59:02:

I have a chance to buy a single family home that has been seperated into 3 apartments labeled A B C all on the same meter(water gas electric). The home’s value is app.140,000.00 in good condition. The home needs app. 40,000 in repairs to bring it up to speed. This person also wants to make a deal to live in one of the divided sections of the house the rest of his life.(terminally ill) This person divided the house into 2 efficiency’s and one 3 bed 2 bath . One of the efficiency apartment of which he wants to live in. What scenerio’s or deals would you suggest I present to him. We haven’t talked price which I realize would utimately help in soving what direction I should move. He presently is living at a home for his illness and wants to get out because of the way he is being treated so thats why he is ready I think to make a deal so he can live the remainder of time at home.