Posted by Phil Pelletier on September 09, 2003 at 18:47:30:
These numbers look amazing for a great loan on some investment property. In my area (Portland, OR), places are flying out the door at a 10 cap rate. This appears to be a 13 cap or better. Lock it up and I will buy it from you for $179,000. You can make $6,000 in cash for bringing me the deal. That may be the only way you can benefit from this transaction. No offense, because I have been right where you are, but lenders usually look for a strong income or a strong credit score, or both. You may not qualify for the loan in your current situation. Lock it up with some earnest money and call me at 1-503-709-8184. I may be able to buy it from you so you can walk away with cash on closing day.
Posted by Tshiru on September 09, 2003 at 13:43:23:
These are the numbers
Asking price $179,9 seller willing to go as low as $173,9
Rents are $2,230 per month
Taxes are $950
Insurance is $862
Utilities average $312
The property is in fairly good condition. It is a section 8 type and fully occupied currently.
The problem is the seller will not carry back the mortgage since she is moving out of state and wants to get out of the deal. With the above #s she will be making a loss because she has a penalty for getting out of the loan early.
I recently lost my job and my credit is not strong.
Can anyone help me out? This is my first deal, any help would be greatly appreciated.
Thanks