Posted by Laura on December 06, 1999 at 09:39:32:
Thanks for your help - I have a lot more qualifying to do!
Beginning investor needs some help… - Posted by Laura
Posted by Laura on December 05, 1999 at 11:53:10:
I have just started “getting out there” and recently ran an add looking for property. I received a call from someone who owns a 3 bedroom cape, w/ in-law apt, inground pool, 2 1/2 acre lot, garage, built in 1986 (he is original owner). He still has mortgage, but I don’t know payoff. He also has 2 adjoining lots, 2 acres each, that are cleared. He wants to sell everthing as a package to minimize his capital gains tax. Assessed value is 200k, but he is willing to sell for 185k (however, he is very motivated - wants to get rid of it before the winter, and said we can discuss the numbers more). What is next? Property is about an hour away, so I don’t have easy access. I know I need to get market value. He has had property on market for 6 weeks and may consider listing w/ a broker soon, but would prefer to sell it on his own. My immediate goal is to generate cash. Any ideas or direction would be greatly appreciated!
Re: Beginning investor needs some help… - Posted by M.T.(CO)
Posted by M.T.(CO) on December 05, 1999 at 18:42:46:
Laura,
How do you plan to use this property to make you money, buying a piece of property at a discount doesnt make you money. Is it a MARKETABLE product, in wich you are able to flip quickly as you dont want to be stuck makeing to many payments (if any). Sounds like it might be in a country setting, right? If so, does your area of Real Estate support such a property as a rental. Are your plans to use this as a personal residence? Also you said the seller was the Original owner since 1986, is the mortgage a Non-Qualifying mortgage? This would be to your advantage in obtaining this property if you choose to do so. Hope I didn’t offend, as I am wet behind the ears myself.
Free advise take it or leave it,happy investing.
Todd