Posted by Billy on February 23, 2001 at 23:17:48:
Ah, You will definetely need a JOB to buy this way. This is not one of those deals where you can get in with No Money Down & No Job!!!
If you can master this, then pass on your techniques because it will have beaten anything I’ve ever done as well as anyone on this board as well
Share your magic Garry
Billy
I found a great deal but I need some help - Posted by Garry FitzGerald II
Posted by Garry FitzGerald II on February 23, 2001 at 22:31:08:
I have been watching this property for some time and I finally got into it yesterday with my contractor. Long story short they advertise it has problems but the truth is its just cosmetics. I found out today that the VA is offering financing on it with NO CASH DOWN at 7.5% fixed for 30 years. I think they even pay most of the closing too.
My problem is I don’t have a job but I want to buy it for a rental. The VA doesn’t care if I am an investor or not,its still NO MONEY Down. How can I buy this property successfully? Any and all ideas are welcome please. The bid for it has to be in by Tuesday. The VA has owned it since December 1999 but its in fairly good condition.The property is worth $150,000 but is listed for $133,500.
Re: I found a great deal but I need some help - Posted by Charles Steed
Posted by Charles Steed on February 24, 2001 at 10:41:52:
This isn’t much of a deal as it stands and it sounds like you’re letting emotion play too big a part in you analysis. Soultion: Find a partnet who can qualify for a loan. Then offer about $75K. Right, fifty cents on the dollar. If the VA has owned it since Dec, 99 they might be motivated to deal. If they’re not, you’re not missing anything by letting this go by.
You need a Partner - Posted by BillW.
Posted by BillW. on February 24, 2001 at 07:44:49:
Garry, You need a partner who can qualify. Why not try the contractor.
Also, the difference between the asking price and the retail price seems too narrow. After you fix it up, where’s the profit? Also, are you in an area that will support rents in the $1500/month range. If not, you might think passing on this one.
BillW