Hi Connie- You’ll probably have better luck getting answers over at the main board. How was $63,000 arrived at? Is $500 the market rent in the area or what the seller felt was good? You may be able to increase rents when their current lease expires if this will remain a rental.
You have a lot of possibilities with this, one of which could be for the seller to get a small loan for the costs you mentioned with you agreeing to make the payments. If you do agree to any type of balloon arrangement make sure you also have a clause in your agreement with the seller giving you the right to extend that deadline for a small fee.
i need advice on what kind of offer i should make on a certain property. - Posted by connie huizar
Posted by connie huizar on March 24, 2000 at 14:27:36:
I found a piece of property for 63000.00 3 bd 1
bath on a full city lot. 1284 sq ft. seller will
assist in finacing of 7.5% - 8% for 30 years with a
balloon in 3 yrs. The property is free and clear
of any loans. the owner needs 5000.00 at closing
for broker and for closing costs. broker may loan
on his commission. i am looking to keep the
property as a rental. the renters there now are
willing to stay on (currently paying 500.00 per
month. the owners will lease/option. I would also like to do this with none of my own money, (considering that I dont have any, hahaha)
This is my first property and need help in what
kind of offers to make on this property. I would
like to give them at least 3 different offers…