Posted by CurtH (MPLS) on March 25, 2002 at 18:37:53:
Forgot to mention, been in the house 2 yrs in May 2002.
Best way to “sell” my home… - Posted by CurtH (MPLS)
Posted by CurtH (MPLS) on March 25, 2002 at 18:36:22:
I have been a lurker on the board and am just getting started in RE Investing with a partner. I have a home (blt 1994) that has a current market value of $165k and my loan balance is $152k on a 30yr @ 6.5% ($993/mo). Monthly payment is $1,274 w/PITI.
I am leaning toward a L/O with $5,000 down, $1,500/mo lease/rent (or higher with rent credit). Sell option at $175k in a year? $187k @ end of yr2? I have read that you can get an above market price by “selling” this way…Does anyone have any better ideas? I am looking to maximize with the least amount of risk.
Am I on the right path? Thanks in advance for ANY advice!
Curt
Re: Best way to “sell” my home… - Posted by Brent_IL
Posted by Brent_IL on March 26, 2002 at 24:29:44:
Within a PACTrust-type arrangement I would sell for $180,000. No down payment; buyer pays at least 9-10K toward closing costs (your profit is a cost). Hold note for $180K, 30 years, 11.65% APR, call in 36 months.
Buyer pays T & I so your spread is ~ $810.00 monthly. Upfront profit depends on how much you can get from your buyer and what you have left over after set-up fees and a contingency fund. If the buyer cashes you out in three years you will have ~ $32,000 after paying your first.