Me again :-/ - Posted by Greg Schultz

Posted by Rick Wheat on February 01, 2001 at 08:39:39:

to structure an offer. Flipping it to another investor for cash is just one way, but it is the LEAST PROFITABLE way. Quickest, probably, but least profitable.

Why don’t you get him to agree to sell it subject to the mortgage, back payments and taxes. You then find someone willing to pay you $8,000 down for the opportunity to buy it, fix it and sell it retail ($3k goes to cure the payments and taxes, $5k goes to you). You would carry the payments for him, (charging him say $200.00 more than your payment would be), and give him a limited time to repair and market the property. Six months should do nicely.

This way, the Investor/Buyer doesn’t have to come up with $30k to buy it, plus $15k to fix it, plus holding costs. He just needs the $8k, plus the repair money as it becomes necessary.

The value of an Owner Financed property is much greater than one requiring all cash, so you would probably be able to get much more than $30k for it.

Owner Financing - the greatest invention since the all-you-can-eat buffet!


Rick Wheat

p.s. - if you’d like more details on structuring an offer like this, email me.

Me again :-/ - Posted by Greg Schultz

Posted by Greg Schultz on January 31, 2001 at 19:03:42:

Just got done talking with a seller that is so fed up with the whole landlording thing that he is letting a house go into foreclouser. It is a 2 unit.

He owes 22,000 on it. Plus 1,200 in taxes and he is about $1500 behind on the mortgage. He will not pay one more dollar on it. AFV is $60,000 repairs are $15,000 I am trying to figure a way to flip this one. 22,000 + 3000 + 5000 (for me) = 30,000

After listening to him for awhile we came up with this; He says that if the property is brought current he would then do a LC to me or the new buyer with no down payment. He just wants to get rid of it as fast as he can.

I don’t know how to get this under contract.

How would I go about doing this? I need to find and investor who can bring it current and pay me. I have a pretty good invester base to work with. I am getting more info tomorrow.

I would really appreciate some help on this one.

Also thanks to all of you out there that responded to my ‘suggestion’ post.