Posted by Andy on April 26, 2000 at 16:47:45:
Susan,
I too am looking for a duplex and I have just found one up the street from me FSBO. How did you walk away with 900$? Was it from the security deposits? What kind of finacing did you work out? I am looking to purchase my first multifamily/duplex and would love to do it with none of my $$$!
Your help would be greatly appreciated,
Andy
beginner - Posted by Renee’
Posted by Renee’ on April 25, 2000 at 11:56:31:
trying to get into real estate. would like to buy duplexes, no money down. the one i live in is currently for sale would like to start there HOW?
Buying a duplex with no money down - Posted by SusanL.–FL
Posted by SusanL.–FL on April 26, 2000 at 14:10:18:
The first no-money down deal I did was also on a duplex?AND we walked away from the closing table with $900!
I offered ?no money down? and in AS IS condition. Seller liked that a lot. Let him off the hook for any repairs.
When you are ?talking turkey? with your seller, put him in the right frame of mind by stressing the positive points: immediate closing, no more landlord headaches for him, no more property taxes to pay, a positive monthly $cash-flow$, etc.
Since there was loan against the property I bought, the seller did a wrap-around mortgage and we were able to close in record time.
DO have a title search done. This will reveal any encumbrances/liens against the property.
DO request (in writing) that all security deposits be turned over to you at closing. If you don?t ask for it, you may not get it. (Like the ?ole saying goes: If ya snooze; ya lose?
DO review the other tenants? payment history. If they are bad apples, you may want them off the property BEFORE you close. One less headache to worry about later.
Line up a real estate lawyer for yourself. Have them review the paperwork before you sign anything.
If you have any questions (even during your negotiations with the seller), CREON is the place to ask them. There is always someone here to help walk you through any given situation.
Good luck!! Now GO BUY YOURSELF A DUPLEX!!
SusanL.
P.S. After you close, find out when and where you are supposed to sign up for your ?homestead exemption?.
Re: beginner - Posted by phil fernandez
Posted by phil fernandez on April 25, 2000 at 19:17:01:
Why not talk to the owner who is selling. Find out what his needs are and structure a lease/option with him.
The fact that you are already living in one side of the duplex might give you an advantage in approaching the owner with a lease/ option deal. This is assuming that you have been a good tenant and have always paid your landlord on time. If this is the case, then you have already built up trust with him.
Also try for some monthly rent credits.