Posted by Liliana on September 12, 2003 at 12:46:02:
Hi Ed,
Thanks for replying! The house is going for $69,900.00. Homes around the town have been selling around this amount but because the area is different from blck to blck some are more $$. I’ve seen rents in the area for 3 bedroom homes for about $650.00. I know that a 4 bedroom home if its section 8 it can go for $1089.00 if I pay utilities. I’ve only drive by the property and walked around a bit, it looks good. I know the seller wants to sell ASAP but have not talked more to him. My husband and I will be going to see the house from the inside tomorrow AM. The hosue is For Sale By Owner. If we were still interested after seeing it on the inside, I just wanted to have something as a back up in case he is not interested in fiancing it himself, that is why I’m asking. I spoke to Neal actually, I have good credit, but he still doesn’t think I can do it due to my debt. The mortgage broker that I’ve used here asked me to call him yesterday but I was never able to get a hold of him. My husband talked to him today and Duke, the broker, asked him to have me call him (I send him a message saying to tell me whether or not he can help me) he thinks I think he doesn’t want to and he blames how busy he is.
Well, let me know if you need more information. I was thinking that, if after tomorrow, I’m still interested, maybe the seller can finance part of it and I can get the rest financed though a bank or something.
Ed, could I finance this deal? - Posted by Liliana
Posted by Liliana on September 10, 2003 at 14:04:15:
Hi,
I found this house that is a FSBO. Its going for $69,900.00, its a 4 bd, 2 bthrm, being rented for $925.00. I have good credit, as per my previous broker, and would like to know if I could possibly finance this house with only my salary. I’m married but my husband doesn’t have a job at this time. I realize that you may need more info and am willing to give it to you, just let me know.
Re: Ed, could I finance this deal? - Posted by Ed Garcia
Posted by Ed Garcia on September 12, 2003 at 12:25:24:
Liliana,
At a glance it should cash flow, but unfortunately with the limited information you have shared, that?s the only comment I can make.
There are many ways to pencil a deal, but you have to be careful of being your own worst enemy and be blinded by 1 selling point in a deal. We develop tunnel vision. In this case you focal point is $925 rent. You don?t tell us if that is a comparable rent for the area or over market rent or a figment of your imagine.
Bottom line is we need more info such as Selling price verses market price (are you purchasing it below market?). CONDITION, does the property need any fix up, if so, how much? Will the seller carry or do you have the money required to do the deal?