Newbie is calling all creative minds! - Posted by Jack Z.
Posted by Jack Z. on June 16, 1999 at 20:33:44:
Dear Creative Mind,
Here’s the deal: a lady called on my ad in the paper. She’s got a condo for which she paid $45k, and a mortgage balance of app. $41.5k, with monthly payments of $406. It’s a 2/2 condo. Anyway, she declared herself “desperate”, though she won’t be leaving the place until September. She said she has a pending lawsuit, for which she said she “needs” $6k cash, to pay off the lawyer and keep the suit rolling. However, she expressed interest in a lease/purchase, even as I actually downplayed it because she’ll be leaving the area and like a friendly jerk, I suggested that maybe she wouldn’t want to do that because she’d still have the place to worry about if I never found a suitable buyer. Her response was then, “As long as the payment is made …”
One option I can think of is lease/purchase, with about a buck for option consideration, $410 (or maybe a tad more) monthly payment, and a strike price of $45k. That should be easily sellable on rent-to-own to a tenant buyer for $700+ a month and a strike price of $50,000. But I’m not too up on the condo market.
Here’s where I really need the input: how could I give her the $6k cash? My wheels are turning, but mostly spinning. I have thoughts of creating a wrap, and selling off some of it to a note buyer for the cash, and then making payments to her for the rest. It seems she’d be pretty delirious if I could do that. But my mind is cloudy, and I haven’t figured out exactly how to do it. So, while I try to figure it out, I thought I might humbly ask for help, because the creative minds I’ve seen here are better than mine (but hopefully not for long )
And if I’ve neglected to get certain important info, fill me in. I’m new at this game; I could use the advice.
Thank you for your time.