Help w/ this deal - Posted by Frank
Posted by Frank on October 25, 2003 at 11:14:02:
-appraisal done 165K
-3br/2.5 ba in nice neighborhood in up and coming town
property also includes 1br bungalow w/ ba/LR/DR/Kit that WAS NOT included in appraisal price
-house is rented and bungalow are rented (different tennents)
-rent presently collected= $800
-owner willing to l/o w/ 8k down for 12months w/ purchase price of 165K (purchase w/ include bungalow)
Owner is motivated because he is an investor who takes preforeclosures and has made alot of money on the deal already, he claims he’s not willing to take less than 8k option money up front because he needs it to go on to the next one.
ANY IDEAS ON WHERE TO COME UP W/ THE 8K OR GENERAL IDEAS ON GOOD DEAL/BAD DEAL?