First property!!! (Seller motivated) Need Help!!!!!! - Posted by Sal (IL)

Real Estate Investing
1

Posted by Sal (IL) on May 20, 1999 at 08:58:28:

Stacy,

He is willing to seller finance, even though he is selling FMV. He ans I have been playing phone tag. As soon as I can get a hold of him, I will find out if the loan is a NQA, how much he owes and what his payments are. I will let you know asap.

thanks
-Sal

2

First property!!! (Seller motivated) Need Help!!! - Posted by Sal (IL)

Posted by Sal (IL) on May 18, 1999 at 13:40:21:

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.

He seemed interested in a lease option. 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.

Thanks
-Sal

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Re: Need more info - Posted by Stacy (AZ)

Posted by Stacy (AZ) on May 18, 1999 at 13:57:36:

What’s FMV?
How much repair is needed (cost)?
What is owed on the property? Need details.
What are your plans? Buy and hold? Retail?
Any liens?
Any homeowner’s assoc. dues?
Why is he selling? How motivated is he? What are his needs? How long on the market? Listed with a realtor?

Stacy

4

Re: Need more info - Posted by Sal (IL)

Posted by Sal (IL) on May 19, 1999 at 09:36:41:

  1. The FMV is from $100,000 to $110,000.
  2. There is not much repair that needs to be done. The house is in really good condition.
  3. I plan on holding on to it and renting it out.
  4. He seems motivated. He needs to sell it becuse he is moving further away. He was living in it originally, but moved out of state and rented it. When he moved in state again the lease was not up, so he moved in with his mother. His job is far from this property so he wants to sell it and move down there.
  5. It is not listed with a realtor.

I don’t know the rest of the info. I will contact him get that information.

thanks
-Sal

5

Re: Need more info - Posted by Stacy (AZ)

Posted by Stacy (AZ) on May 19, 1999 at 13:47:39:

Sal-

He’s trying to sell at FMV, so there’s probably not a deal here unless he’ll come down substantially. That’s why you need to find-out what he owes, what his payments are, whether the loan is a NQA. More to come.

Stacy