Posted by Paul-WA on February 14, 2001 at 18:30:38:
Assuming he doesn’t really mean "Give " it away, how about offering this:
All cash…$200,000?
If you do not have it yourself,with that kind of deal, it wouldn’t be hard to find.
Paul
HELP!!! Possible First Deal. - Posted by Josh MA
Posted by Josh MA on February 14, 2001 at 14:30:21:
Description: well maintained 3 bedroom colonial in desirable weld st neighborhood.New roof, fresh paint,five yr. young furnace fhw/oil, new bath, hardwood floors throughout, gorgeous gumwood wainscoting and trim.Nice sunny home with a den and three season sitting room off the living room and master bedroom. On public transportation minutes to downtown Boston.
Price: $409,900 (Owned Free And Clear)
Type: Residential
Bedrooms : 3
Bathrooms: 1.5
Square Footage: 2000
Acreage: 1/8
Question is What is the Next Step…Owner just wants to get rid of this Property i have a Appt to see it FRI but i dont know what kind of Deal i Should Present to him i Suggested L/O and He said that’s not a Option because there is 4 Owners. Sounds like the Property is from a Deceased Individual.so can anyone help me with the Next step in what i should do?..any advice is greatly Apprieciated
Re: HELP!!! Possible First Deal. - Posted by Monique
Posted by Monique on February 17, 2001 at 16:14:46:
Knowing comparable sales and market rental rates is key. You’ve got to know your exit strategy before you can put together a good offer.
Assuming $400K is below value, here are two ways you might structure it:
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Offer $400,000 all seller financed with a 5 year balloon. Structure it as four $100K mortgages so that each of the four owners gets their own monthly check and doesn’t have to settle up with anyone else. Sell it on a L/O: get a hefty option consideration and lock in a price for as much as you can.
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Offer $350,000 all cash, contingent upon your finding a buyer first. Have the agreement cap it to 60 days for you to find your buyer. Say you sell it for $450k to someone who has $40k for a down payment and can get a 75% LTV loan. You give the seller $350K from the proceeds ($40k + $337.5K) and you pocket $27,500 at closing and hold a note for $67,500.
Monique
Motivated? - Posted by Redline
Posted by Redline on February 14, 2001 at 15:16:31:
“Owner just wants to get rid of this property” - this you’ll have to explore.
It’s hard to imagine someone with a home as nice as this sounds, near Boston, owned free and clear and worth $400k willing to just give it away but hey, you never know!
Find the motivation - and you may find a deal here.
RL
Re: HELP!!! Possible First Deal. - Posted by Tony (CA)
Posted by Tony (CA) on February 14, 2001 at 14:41:12:
Need more information.
What are the comps? What makes the property a good deal? What do you want out of the deal? A lump sum, regular cash flow, etc? How much will it cost to fix it?