Any suggestions? - Posted by Salem

Posted by Matt on January 02, 2001 at 21:24:54:

Hey Salem! Ask the seller to take out an equity
loan on one of the properties and then just assume
the loan. It doesn’t have to be a big loan. Just
enough to cover the the down payment he must have.
If you get a larger equity loan, give him the money
and pocket the rest. Remind the seller that if he
sells his property and gets all his money now, he’ll
be in a higher tax bracket…Good luck!!

Any suggestions? - Posted by Salem

Posted by Salem on January 02, 2001 at 14:35:26:

I have a real estate deal right in my face but I have been unable to convince the seller to make a deal with me.

I have an acquintance who plans to retire and move out of the my area in about 18months. He has three rental properties he wants to sell. Here is the problem: he was advised by his financial planner to give one property to a non-profit organisation, and sell the other two. I have no cash to qualify for any loan and I see it as a good start for me. I have asked him to sell it to me on paper. He did not like that, but he said is open to any other creative way.

I need to make this happen before he starts talking to real estate professionals. Please help with anysuggestion