need some help - Posted by kent

Posted by js-Indianapolis on July 06, 2003 at 02:04:31:

“would love to get in make small $ and get ride of it and not have to worry about the T?B but not sure how to do it,”

Sign it up on a lease option, then assign that lease option to someone for more $$ than you’re paying. So if the owner is requiring $2300 down for a lease option, you find someone willing to pay $10K down, and take the difference.

This is probably your best bet, from what you were saying about being new, not wanting to stay in, don’t know if you are doing it right, etc. Simple, in, out, and onto the next one.

need some help - Posted by kent

Posted by kent on July 05, 2003 at 09:52:40:

I’m very new. I was expecting to spend a lot more time doing research and getting down the basics. But I saw a sign that said for sale by owner so I called. The couple have bought another house and will start having double payments in august. They added a will rent sign to the for sale sign this week. I called but I’m not even sure I got all the right info. I sure could us some help.
I think they are motivated because of the double payments and the addition of the will rent sign. Anybody in CA who could help?
Kent

Re: need some help - Posted by Mike

Posted by Mike on July 05, 2003 at 11:28:36:

Welcome to a wonderful board. Everyone here would love to help you but we need more information. Like asking price, price of comps, rental rates, rent asking price, what kind of deal are you looking to do. Just make another post with all the information you have. Good luck!

Mike

Re: need some help - Posted by Ronald * Starr(in No CA)

Posted by Ronald * Starr(in No CA) on July 05, 2003 at 10:48:05:

Kent–(CA)---------------

Help with what? What is your question?

Good Investing*********Ron Starr************

Re: need some help - Posted by kent

Posted by kent on July 05, 2003 at 11:48:56:

This is what I know.
couple with 2 children bought a new home moving in in august.
asking 425 would not give me $ of equity but has been in the house for only 15 months, says it was appraised at 449.
Added will rent this week asking 2300/ mo.
they have no offers at this point
How do I find comps and rental rates?
what other questions should I ask.
I have spoken to the wife only 1 time. Told her I would talk with my partner and get back to her after the holiday.
I was thinking of geting the house under contract Subject to and finding T/B trying to get out of it with 5k and small positive cash flow.
would love to get in make small $ and get ride of it and not have to worry about the T?B but not sure how to do it,
I’m very new I’m not sure how to set up the contract either is there a standard form?
In CA is there anything special I should watch out for?

Re: need some help - Posted by kent

Posted by kent on July 05, 2003 at 12:30:23:

Ron what else do I need to find out to determine if this is a good deal and how to structure it?