Need CREATIVE SOLUTIONS for potential 1st deal! - Posted by Teresa (in Calif.)
Posted by Teresa (in Calif.) on January 31, 2002 at 19:20:58:
HI There CRE readers,
I called on an ad for a property located in Irvine, CA.
The seller bought this condo (1+loft/1ba.with water view)about six weeks ago and has been trying to rent it out. Now he wants to try to sell it or rent it out whichever comes first. He is asking $155,900. Association fees are $175/mo. He says rents can go for 1350./mo. (???)
He is also offering it as a lease option…he wants 10K down for the l/o and his mortgage payments (he says) are $1200/mo.
We got cut off by his cell phone but he is calling back this evening. He says he is a mortgage broker.
QUESTION: What kind of deal can I work out with him without forking out a cash for the down from my own pocket?
How would I l/o this? How could I help him and get cash for me too?
What other information should I get from him in order to make an informed decision. He is getting calls to buy on it alot but not to rent it. Your help would be much appreciated. Teresa
ERICH in Seaside, CA if you read this give me a call please. Cell: 831-238-2281