New Investor Need Help PLEASEEEE - Posted by GeorHend
Posted by GeorHend on January 09, 2001 at 01:25:27:
NEWBIE INVESTOR/NEEDS HELP
I need advice on how to handle this potential investment. First one for me.
I found a 4plex w/$127,500.00 list price. The owner is old and need to sell because of health reasons. It is completely occupied at $325.00 w/Beneficiary Deed and a $32,000 mortgage. Seller has done property maintenance (roof, paint, etc.). I’ve seen only one apt., so far so good. Property has been on the market for three months. I faxed the listing agent an offer for $85,000 (loan assumption balance in cash).
In 1998 I lost my job. I recently filed and it was granted, a chapter 7 bankruptcy. However, during this period I’ve never missed my mortgage payment. I had good credit before the bankruptcy. Although I have a home, I don’t have enough equity invested for a loan; even if I did qualify.
My daughter owns three properties free and clear. She lives in one, rent one for $500.00 month, and the other is being rehabed. She said I could use the equity in her properties for a short term loan if I do the leg work and find a lender that will loan her the money. She don’t know the market value of her properties, but the assessed value combined is $68,000.
What are our options:
Can my daughter get an equity loan and then give me the money? How would this work?
Or would it be better for my daughter to purchase the property in her name and then sell it to me?
She don’t want and cannot afford to spend any of her money setting this up and I only have a few thousands dollars to invest.
I own a vending business and do wedding planning; however don’t have financial statement of earnings.
It has been four days since I faxed the agent an offer. However I have not heard from him. Should I contact him and set-up a contract? If so, should I have a contract, in addition to agent’s contract, that include additional clauses?
Can a contract be set-up even though seller have not accepted my offer?
If the seller conter my offer what should my next offer be…??? “note”… ???
I hope this in not confusing … as I stated I’m a new investor.