need money in my pocket - Posted by Shane Bridgers

Posted by Tim Fierro (Tacoma, WA) on March 05, 2002 at 01:15:11:

Try to get the seller to give 6% interest rate, 90 days until 1st payment is due, 0 Down, and close a couple of days after the 1st of the month.

Now the owner may not go for it, but work with the numbers. As Mike pointed out, you will have some money coming in from rents after the 1st, and with a payment not due for a while, it can help. With 0 down, you have no out of pocket, and with 6% interest, you will end up with a pretty nice cash flow.

Work with these tips, and what others may suggest, and try to make it work for you.

Check the leases with the tenants, are they yearly leases and have many months before they move out? That is some safety of not having an empty unit right when you take over.

need money in my pocket - Posted by Shane Bridgers

Posted by Shane Bridgers on March 04, 2002 at 23:30:26:

I have an oppurtunity to buy 5 houses for $130,000, owner financing,. They are all currently occupied, bringing in $1,580 a month. They are older homes & the tennants have been there awhile. My problem is if someone moves out or if something breaks down I don’t have the money to pay for it. What is the best way to make some extra $ w/o losing everything you have? I’m currently thinking about buying mortgage notes for a large investor, but I can’t find the people holding these notes. Anyone with info. or some advise please let me know, it will greatly be appreciated.
Thank you, Shane