My First Deal, HELP! - Posted by DJ (Maryland)

Posted by Nate Tyler on March 17, 2000 at 11:18:24:

You really haven’t told us enough to help you. All you’ve really given is the fact that the owners will finance, and that it currently rents for 550/mo.

How much is the purchase price?

What have similar properties sold for?

What are your plans for the property after you buy it?

One thought I had when you said they are “negotiable on the owner financing side”, is that you may agree to get them to subordinate. But at this point you really haven’t told us what their NEEDS are.

Do they want more cash down if possible, or are they wanting to hold paper?

Depending on what they need, you may be able to sell them on a large down payment. Then you could get a new first for their down, and have them carry the balance in second position. This would probably take some selling on your part if there’s an agent involved.

Give us some of the beef and we’ll try to help.


My First Deal, HELP! - Posted by DJ (Maryland)

Posted by DJ (Maryland) on March 17, 2000 at 10:17:31:

Hi. Ok here it is, I have been researching properties in my area, checking out locations… I now have my first property deal… It is a 2BR/1BA Condo. Currently rented for $550. per mo till 02/01. The condo fees are $75.00 per mo. The owners own the property outright. They want to retire from keeping this property. Ok, they want 10% down, (I can put this down, but I would prefer not to.) Plus I did the numbers if I put 5% down and have them hold a note for the remainder, where is the profit? They are negotiable on the owner financing side. (There is a realtor involved. she seems cooperative.)
I know there are many ways to work out the financing, I just am getting overwhelmed! Please help.

Thank you in advance.