Posted by Ralph C. in VA on May 14, 1999 at 22:51:46:
There are several things you can do. I’m sure others will suggest more creative moves, but, if you are looking to make a few thousand, quickly, wi minimal investment, you may want to consider offering to pay the owner $10.00 for an option to purchase the property for $48K during the next 12 months. then, market the property in the paper and elsewhere for $52K, stressing the fact that the property is less than the apraised value. You end up spending prob. less than $200, and if you win, you make $4000. If you lose, you are out $200 and your time.
Note: In your contract with your buyer, try to get him to pay most if not all of the closing costs.
just a thought…good luck!
Ralph C
HELP! This should be a message in a bottle!.. PLease help me! - Posted by Bobby
Posted by Bobby on May 14, 1999 at 19:36:50:
If you only respond/answer one message today…please let it be this one!
I found a nice 3 br/1 bath in a older neighborhood;
Recent 70 yr. old widow (husband died 3 months ago)has to move out of home that they’ve owned for 10 yrs.
Owes 46K on it;
Worth 53-55k; she was wanting 10k equity…will take almost anything now. House is vacant.
Payments are $460 monthly for 20 more yrs.
I do not want it for a personal residence.
Would like to flip it or rent for 3-5 yrs. until I could refinance.Rentals in that area are $500-600 monthly.
I’ve got No money…No credit…just a burning desire to buy this house…
What would you do if you were desperate, broke, had no credit cards, nobody to co-sign/loan you money and had the worst credit of anyone over the age of 40 South Carolina…but you had a gut instinct that you could make $$$$ on this…and a burnng desire to do whatever it would take?
Bobby
P.S. Did I mention that I was broke?