Good deal? - Posted by Paul

Posted by David Alexander on January 17, 2000 at 12:05:09:

If the numbers you say are right then yeah it’s a deal I’d do, dont know if I’d buy it on a contract though.

Now with that said I would trying to get as much cash down as possible to get all my cash back.

Is it in an area where you can get 3,5,10% down? How much of your cash can you get back. At what interest rate are you buying, what interest rate can you sell?

Mind you if I did this deal I would raise the price a hair above FMV becuase I would be selling with financing.

Also Is there any underlying financing, I would want to know if my seller is trying to wrap some financing(probably wouldnt do the deal if there is underlying financing). I would prefer not to buy on contract if at all possible that way you can maintain control.

Good deal? - Posted by Paul

Posted by Paul on January 17, 2000 at 11:07:52:

I have an opportunity to purchase a property on a land contract for $7500 down with a total price of $75000 with a FMV of $95000. The house requires about $3000 worth of work to make it pretty. Is this the kind of deal that a new real estate investor should be looking for? Is it worth looking into further? Thanks for the information in advance. I really appreciate it.