Ol' Uncle is giving his niece a test run - Posted by Maiysha

Posted by Maiysha on July 02, 2003 at 14:28:28:

Oops! Sorry!

Location: Detroit, MI; Westside;
Two on Turner between Purtian and 6 Mile Rd.
One on Burnette by West Warren

Property Discriptions:
Turner: One Single family & one 2-family
Burnette is a 2-family

Approx Value:
He says that the ones on Turner are worth 100K each and no price on burnette yet.

Purchase price (is a family special):
35K each

I have bad credit I have been told that my score is in the low 500’s.

What can I do? What are my options?

PS. Thanks for the quick responces

Ol’ Uncle is giving his niece a test run - Posted by Maiysha

Posted by Maiysha on July 02, 2003 at 10:30:47:

My uncle wants to sell his properties to me but I am having trouble finding financing. The houses are all free and clear and all have tenants. He wants cash in hand and it is 35 cents on the dollar per house at least. Where should I go to get the money to finance?

Re: Ol’ Uncle is giving his niece a test run - Posted by Sean

Posted by Sean on July 10, 2003 at 11:49:41:

Mayisha,

I don’t want to sound like a doubting Thomas, but rule number one verify the properties values, don’t take your Uncles word for it. I know he’s family, but just never take the word of anyone as to the value of a property, verify it yourself.

AS to how to get him the cash he needs, I think the suggestion that he refinance the cash he needs, then having you make the payments is a very nice solution.

If all he wants is 35% of their market value total to buy them, that’s a very sweet deal. However is this all he wants for the houses? Or is it 35% cash down, and he is going to take the balance in a note etc? That may not be such a sweat deal.

Another option would be, for your uncle to create a mortgage to you and then sell that mortgage on the market. He won’t get face value, in fact he won’t likely come close, but if all he wants is 35% of homes values in cash, he could write the mortgages for amounts high enough to get him the cash he wants… plus side is, he will get his cash, down side is, you will be paying a lot more than 35 cents on the dollar to actually own the houses.

You would need to talk to a note buyer on this one. There are other paper techniques that could get him his 35% cash as well.

Best of luck.

Re: Ol’ Uncle is giving his niece a test run - Posted by Lee

Posted by Lee on July 04, 2003 at 11:35:17:

Maiysha,

Have your uncle refinance it and then put the houses in a trust with you as the beneficary! No money out of your pocket and your uncle gets the cash he wanted after all. Hopes this helps.

Lee

Re: Ol’ Uncle is giving his niece a test run - Posted by Ed Garcia

Posted by Ed Garcia on July 02, 2003 at 11:14:48:

Maiysha,

Need more info. Location, Property discription, Approx value, Purchase price, How many properties.

Ed Garcia

Re: Ol’ Uncle is giving his niece a test run - Posted by James Strange

Posted by James Strange on July 02, 2003 at 11:14:11:

You have failed to tell us about your credit, price range and location.