Newbe needs advice plesae help - Posted by Billy Gaines

Posted by JohnBoy on February 21, 1999 at 17:16:07:

Is the place still a wreck? Does it need any repairs? If so, how much will they cost? Purchase price is $34,900, what is the property really worth? Have you checked comps on other properties in the neighborhood?

What are your plans if you buy the property? Live in it yourself? Hold as a rental? Lease option it? Resell it at a higher price? Seller finance it to someone else?

What does a property in the same condition rent for in that area?

Newbe needs advice plesae help - Posted by Billy Gaines

Posted by Billy Gaines on February 21, 1999 at 15:08:04:

I found Creonline 4 days ago I will be back every day it’s a great place.
This is my first deal: situation seller will fin with
3000 Dn. Price is 34,900 fin over 30 yrs. @ 9% with a balloonat 10 yrs. How can I present an wffer where I can do better possible 0 Dn. The seller is motivated but asking for & getting 0 dn. dealwill be achallenge because he has sold this once before & the buyer reck the place & walked leaving the seller holding the bag. Any advice,Idea,or help would be greatly appreciated
thanks in advanced
Billy G.

Re: Newbe needs advice plesae help - Posted by Bud Branstetter

Posted by Bud Branstetter on February 21, 1999 at 17:46:57:

The key would be to sell them on yourself. The next idea would be to give them additional collateral for a limited time until they say you were fixing up the place. Be honest a let them know you intend on making money by charging more after fixup. Although it isn’t zero down you could trade them an asset that you bought at a discount, like a 2nd mortgage you took back.