Posted by Rich_Ga on February 11, 2001 at 20:19:18:
Hi Robin,
This is very possible, just be patient. As Ron said, try to talk the owner to give you title free and clear and just have a promissary note that you are responsible for. Thats what I did and the seller didn’t even charge interest. But make sure its a good low purchase price and the payments are reasonable that you can afford in the event you don’t have a buyer right away. Don’t know if you bought Lonnie’s books yet, but I recommend getting them. He gives a lot of good insight on this stuff. Again, be patient and don’t buy near the retail price or you won’t have any room for mark-up. You make your money in the purchase and sale difference, not the interest.
Good Luck
Rich
Posted by Robin (AZ) on February 11, 2001 at 11:41:41:
Thanks for reading/responding!
Is it possible to find a seller, offer to buy on terms,and then find your own buyer, and resell-- on better terms? For example, I find someone that’s motivated to sell, and I give them $500 down and $150/mo for 10 months (no interest, just $2K in total). Can I line someone up and resell to them-- say, $500 or more down, and $150 or more/month, for more than 10 months?
Now, what do you do about the title? I would imagine that the original seller would hold it until I finished paying, so what guarantee would the second buyer have?? I can’t figure out how you would go about documenting a transaction like that.
I’ve read/listened to Deals on Wheels, and just ordered Making Money with Mobile Homes. I haven’t done my first deal yet, and having limited cash makes getting started a little more challenging, but… I’m game!
I appreciate the help. Like I said, I have limited funds, so I’m trying to be creative. If anyone is working in AZ, I’d love to hear from you!
Posted by Karl (Oh) on February 11, 2001 at 22:07:27:
You can enter into a lease agreement with a seller with an option to purchase the home, then lease/option the home to your buyer at the best terms you can negotiate. Ernest Tew’s course “Getting Rich Helping Others” explains how to do this and includes all the forms you would need.
Posted by Ron_KS on February 11, 2001 at 12:43:42:
Hi Robin,
I don’t live in Arizone, nor am I one of the guru’s of the business, but from what I read in your post, I would think that perhaps you could offer a promissory note to the seller, explaining to them perhaps what you plan to do, this could be dangerous in and of itself, the owner can do the same thing, so walk softly in this area, but if the owner is willing to accept a promissory note and give you clear title, I would think it would work. You might give that some thought, again, I don’t know if it will work in your State.