Posted by JGoodsen on October 25, 2000 at 08:51:19:
…I will.
Perfect candidate to be wrapped up in a PACTrust. Since you transfer the tax benefits to the ultimate resident they will be able to cover the nut AND provide you a nice positive cash flow. Instead of having her make a portion of the monthly payments get her to take care of the closing costs up front so you can put more money in your pocket when the resident comes into the picture. If you can’t get someone that wants to live in a nice house in a nice area making reasonable monthly payments if you can offer them no bank qualifying and no down payment then I want no part of Chicago real estate.
She lives in one of the more expensive neighborhoods, where 3BR, 2BA house prices range from $199K to $350K.
This lady has a 3BR, 2BA, 2c garage house with approximatelly 20K equity in it, she plans to sell at her mortgae ballance of $190K. However, finding buyers in the price range may be somewhat difficult.
Reason for seller’s motivation are–
Loss of second income
High PITI payments, around $1800/mo, however, seller is willing to lease with opt. the house to me for $1500/mo, as long as the lease is a short term (1-2 years maximum).
From my study of the market in the area, I know that I could lease this house with opt. for about $2000/mo.
I intend on marketing this home and sell with owner financing or lease with opt., though lease with opt. seems to have less risk for me. However, I want to help the seller out as well.
From what I know so far, the best place for finding potential buyers for this price range is to–
advertise in a major city newspaper (such as Chicago Tribune, etc) AND
talk to mortgage brokers and find out whether any of their clients ALMOST qualifie for a 200K loan.
Vladimir,
As you know, I am also from the suburbs of Chicago.
Where is this home?
What town/city?
I may be able to help you find the best place to advertise this home.
I have found in the past that in my area, the Tribune and sun times are not the best place to advertise.
But, that could be different in this case, depending on “where” the home is located.
Also, do not forget to take into account the fact that we are entering the slow season here, so you will need to allow for some additional holding time on this one.
For me, I am still doing deals, but after 10/15/2000 I am making ALL my L/O agreements have the first payment start when I find a suitable Tenant/Buyer.
As where in the summer months, I will set a date if pressed for one by the seller. (Still at least 60 days off, but you get the picture.)
Take care and feel free to drop me an e-mail.
that will be faster than calling me, since I am rather busy these days.