Posted by David G. on October 10, 2003 at 15:42:15:
If hes serious about not caring about money, make him a low ball offer.
Maybe offer him, $750K via Contract for deed. 2% APR,
and state in the contract that you will make 1st monthly payment in 3 months. In th emean time you will start making repairs and be responsable for insurance, taxes, etc.
You can now sell for whatever you want offering owner financing whether it be L/O, CFD, or just a straight out sale. If youre afraid to scare him with terms, just talk to him again and figuer out what he is willing to sell for.
creative dream come true…what do i do? - Posted by brian cornell
Posted by brian cornell on October 09, 2003 at 14:34:00:
i live in miami beach, and i just stumbled onto a real estate investors dream- $1.5mil spanish hacienda, approx 4000 sq. ft., needs extensive, but not expensive work- almost all cosmetic.(i intend to do the work myself).the owner owns the property free and clear,is extremely rich, will carry paper100%, and actually told me that he doesn’t care about the money or terms, just make an offer!the thing is, every creative idea i’ve ever had is screaming at me! what would be the best way to finance the property so that i can put a little cash in my pocket,have cash to pay the monthly payments, plus extra to pay for the upgrades needed?
this will be my first transaction, and i would really love to hit a home run my first time at bat!any ideas? the property will easily be worth twice the price after renovations!