Posted by phil fernandez on April 25, 2000 at 19:11:29:
Marlon,
This is a perfect candidate to get an option from the lady. That will buy you time to market the property just the way you mentioned. Make sure in your paperwork that you have the right to show the house to your contractors, appraisers, bankers and potential buyers.
Help with 1st deal - Posted by Marlon(OH)
Posted by Marlon(OH) on April 25, 2000 at 18:32:58:
I need suggestions on how to work this deal. This would be my first deal if I get it. I met with a lady today who owes 16k on her house and it was appraised last year at 43k. She took out the loan last year to make improvements on the house. She said she’ll give me the deed and will let me make the payments and that she will need about 5k to move out of state. I was thinking about getting the deed and then L/O the house but I’ll still have to come up with 5k. I don’t think I’ll be able to get a loan right now because of a bankruptcy. Could I try selling it 5k down and $xxx a month? That way I could give her some cash ($4K) and have a monthly cash flow for myself. Any suggestion are appreciated.
Thanks in advance
Re: Help with 1st deal - Posted by Judy
Posted by Judy on April 26, 2000 at 20:46:29:
Marlon,
Read everything on this site regarding Lease Options. Then look for someone with more than $5,000 to give you as a non-refundable deposit. That way you can give the lady her money and still have some for yourself.
Good luck, Judy