first deal - Posted by FITZ

Posted by Michael Morrongiello on January 29, 2000 at 19:51:54:

This does not sound like a WHOLESALE purchase by you from this investor but more like a RETAIL sale of the property from the investor to you?

Or perhaps hte investor already bought it CHEAP and and now wants to avoid having to do all of the fix up work so he / she is willing to sell it to you for less of a mark up if YOU will do that work.

Are you comfortable that FIXED UP $58K is a realistic value for the home? If so, what is the investor willing to sell you the property for? and how much down does he want? What would be the proposed terms for the financing offered?

Are you looking at buying this home to live in or for an investment to rent or resell further for a profit?

These questions must be addressed before one can determine if this a “good deal” or not.

Michael Morrongiello

first deal - Posted by FITZ

Posted by FITZ on January 29, 2000 at 11:47:37:

I found a home for sale that has been repo’d and sold to investor. This home has not been cleaned or repaired yet. The man says it apraised at 58k after repairs(won’t take much).I’m not sure how to approach this.He says with good credit he will finance and work with me on the down payment.I would sure appreciate some creative help.