How can I buy this property no money down - Posted by Paul
Posted by Paul on June 04, 2000 at 21:28:17:
Hello, my name is Paul.I’m a carpenter who has just started my own construction co. I’ve only built and sided one house in my first 4 weeks of my company for Jim Walters Homes ( It is a start )
I’ve just found this perfect piece of property. It is perfect for my needs now and in the future for my construction co. (Pride Construction Co.) and my realestate investment co. (PVS-Realestate Investment Co.).
MY wife and I are making payments on a 1995 80ft single wide Redman mobile home (payments are $250.00/month )we bought new. We live in a mobile home park ( lot rent is $150/month).
Here is the property:
It has 43.10 acres 85% cleared,and two rental houses with tenants that want to stay.Both house pay $500.00/month, and can pay $650.00/month in a year.
This is what I like to do with the property. I would take my mobile home and put on a fundation. In one year it would go from a 80ft single wide (1,120 sqft.) to a 2,680 sqft.) house with a two car garge.At the same time would build a four car pole barn for my work shop for my construction company.Then I would also buy some used mobile homes for no more than a $1,000 , and fix them up. Then rent them for $500.00/month easy.
This is my sitution :
The property is owned by three sisters.They will not owner any part of the price. They want $212,000.00 for it. The Century 21 web site had a mortage calulator set up with the price of the property and $42,000 down in it. I put a 30 year mortgage. The monthly payments would be 1,150/month.
I know of notes. But how do I create a note for the down payment, or is there lenders out that would finance it 100%.Then there could by another why to buy it that I have not thoght of, but you may think of. I would like to know please.
In 8 months to one year of buying the property I would refinance it to in could my mobile home/new house.
I would like some ideas please. My E-mail address is PVS-Realestate@webtv.net. Thank you for any help.