Posted by Lightwalker on April 10, 2008 at 18:05:53:
You should always have your $ lined up before you go into a deal. You should also have key people on your “team”, namely a good RE Attorney…
Most investors I know get paperwork from courses that they’ve purchased, RE Agents, or there Attorneys…
I would with out a doubt… Get a contract signed first.
Are you buying Subj To, or are you using a HML. You definitely need to understand just what a Subj To is. Search the archives… tons of posts on Subj to.
I would do this in reverse, but yes, you could do it this way.
Call a local RE Attorney who deals with investors… You can find them at your local REIA.
Get it under contract and then figure out the rest. I doubt there is any financing on the house so sub to probably is not a concern.
Don’t have it inspected unless they sign the contract. You will not be able to get hard money if you plan on living in the property. It would have to be private money.
Your closing costs would be very, very low unless you have to pay a lot for points on your loan. Probably around $1,200 total.
Your monthly payment would be more for taxes and insurance than the payment so it all depends on those amounts.