First deal need help!!!!!!! - Posted by Sal (IL)

Posted by Judy on May 22, 1999 at 13:32:07:


If he won’t tell you how much is owed on the mortgage, how can you figure out the numbers correctly? It doesn’t sound like he’s really motivated, yet.


First deal need help!!! - Posted by Sal (IL)

Posted by Sal (IL) on May 20, 1999 at 15:12:55:

I am new to Creative Real-Estate and this is my first property. The seller seemed flexible when I mentioned seller financing. The problem I have is that I don’t know what to offer and how to structure a deal. I’ve been reading as much as I can about creative financing. I suppose I am going through stage fright.

It is a townhome in a nice area (2 bedrooms, 1.5 bathrooms, 1 car garage). It is already being rented out for $900 per month (average in the area is $1000). He is selling it for $105,900. Taxes are $2200 per year and assesmant is $182 per month. There are no Leins on the property. It has been on the market for 2 weeks. He would not tell me how much is owed on the property. FMV is from $100,000 to $107,000.

He seemed interested in a lease option or seller financing. I can come up with $1000 to put down.

I would like to structure a deal that would be beneficial to both of us. Any information would be helpful.