Posted by Joe(VA) on February 21, 2002 at 17:30:26:
no money down lease option deal sounds good to me…looks like you got a couple of real nice deals…good luck
no money down discussion - Posted by Joe(VA)
Posted by Joe(VA) on February 21, 2002 at 13:27:01:
Just wanted to get the creative juices flowing today and learn something at the same time…so, everyone out there, feel free to post some “no money down” techniques in doing “Lonnie Deals”…I know Lease Options with no money down is a great technique, but what are some other ones?
Re: no money down discussion - Posted by Karl (Oh)
Posted by Karl (Oh) on February 21, 2002 at 15:01:01:
I?ve had a lot of luck recently buying homes on payments. Here?s one I?m doing now.
I just bought back the very first home I sold two years ago. I originally bought it for $4k, but had to move it right away because a flakey PM decided that ?you can?t do that in my park?. An older woman bought it from me for $6500 cash, and paid $2k for the move. She called me last week to see if I wanted to buy it back. The home is much nicer now than when I sold it. I was prepared to pay no more than $4k, but didn?t think she would take that kind of loss, at least without some time and arm twisting. When we met, I asked what she was looking to get. She said she couldn?t take less than $3k. I stared straight at her, trying not to break into a smile. I asked her if she needed all the money right away. No, she was moving to Florida, and really just needed $1500 to buy a trailer down there that she had found. So we agreed to $1500 cash, and $150 per month for ten months.
I should be able to sell that home for around $10k on a note, and get at least $1500 down. I have a list of buyers right now with tax refunds, waiting for me to find them a nice affordable home. I?ll get my $1500 back right away, making that a no money down deal.
I?ve bought several homes recently for good prices, and I was able to get the sellers to take the money in payments. I just had to ask.
Here?s another one. I got a call today from a woman who co-signed on a loan for her daughter. The daughter moved out, and now she?s stuck with the trailer payment and back lot rent. The daughter only has one more year of payments, payoff is about $3k on an ?89 3 bed 2 bath. Another great referral from the park office. That’s a $12k home on a note. I?m meeting her tonight, she just wants to get rid of the trailer for payoff. Tonight I?ll talk her into letting me just take over her payments. She’s extremely motivated, I?m sure she?ll be thrilled with the idea. No money down, and I?ll put someone in there for a nice down payment (I mean option fee), and monthly payments that more than cover the loan payment. But that?s a no money down lease option deal, you didn?t want to hear about those. Sorry.
Karl Kleiner