PLEASE READ!! - Posted by aaron

Posted by aaron on July 15, 2002 at 13:04:08:

Thanks CurtNY! I appreciate the input. I did ask her before about lease optioning it. At the time it didn’t sound like it would work, but, I see how I could get her some money right away via the deposit.

She’s also about 3 months behind in her payments though. So, I’m not sure if I’d be able to get a sizeable deposit from someone in order to take care of this. But you got the wheels in my head turning. This may be the solution I was looking for. Thanks a lot! God Bless!!


PLEASE READ!! - Posted by aaron

Posted by aaron on July 14, 2002 at 17:37:15:

Good day everyone:-)

I was wondering if any of you would be able to assist in providing suggestions for how I should structure this deal.

The comps or ARV is between $140-150,000.00 for this home. It is a split-level, 3BR 2BA, on the tax roll it says that the sq.ft. is 850, but I saw the place and that doesn’t seem correct. Maybe 850 per level. Anywho, the house is not a fixer upper. It is in really great shape. It is not vacant however.

The mortgages owed on this property add up to 100k. The owner desperately needs to get out. She is approximately 3 months behind in her payments. What the owner has gone through these past couple of months is just horrible. I really would like to help her out. She says that she needs some money out of the deal to get on. Maybe 10 to 15k. This would make the purchase price somewhere around 110 to 115k. Again, this house doesn’t need any major repairs. Maybe painting here and there, and possibly new carpeting. It is a split level home, has a driveway for 2 cars. The neighborhood is great, nice, peaceful and quiet. Also has about 8,000 sq.ft of land.

Any suggestions out there? I have no money for this deal. Thanks a lot and God Bless you always!!


Re: PLEASE READ!! - Posted by Ronald * Starr(in No CA)

Posted by Ronald * Starr(in No CA) on July 15, 2002 at 24:16:08:


You tell us what resource you do not have: money. But you do not tell us what resources you have to make the deal work for you. I suppose I could sit here and spin out a bunch of different senarios depending upon your experience in real estate investing, you credit, your contacts, and so on. But it would be a lot easier if you just told what resources you have to work with that might allow you make things happen.

Good Investing*Ron Starr

Re: PLEASE READ!! - Posted by aaron

Posted by aaron on July 15, 2002 at 05:18:02:

Oh, Mr. Starr, I forgot to tell you what my income is. My income is approx. $2,100.00 per month. I do have about $3,000.00 worth of bills to pay, such as a credit card,my car, and other payments.

Re: PLEASE READ!! - Posted by aaron

Posted by aaron on July 15, 2002 at 05:13:21:

Thank you Mr. Starr for responding to my question! The only resources that I have are myself. By that I mean that I can go out there, make phone calls, and make contacts.

My credit isn’t good, I do not own a home sir. I’m currently in the Army National Guard here in Maryland and that is the only income that I’m earning right now.

That’s all I really have right now. I don’t have any money saved up either Mr. Starr. The only thing that I own, well the bank owns it, is my car.

Please do let me know what other information you’d need from me in order to provide further advice. Thanks again Mr. Starr, God Bless!


Re: PLEASE READ!! - Posted by CurtNY

Posted by CurtNY on July 15, 2002 at 08:47:54:

Since you don’t have any money, you might try a lease option. You didn’t give me any numbers to work with other than ARV & Asking price so I’ll assume the numbers work. Offer the lady $15,000 for her equity if she can take $5,000 up front and the remainder in 1-2 years. Explain to her that you will be re-leasing it to a qualified tenant who will buy the property in the future. Get at least 5% down ($150,000 x .05 = $7,500) giver her $5,000 you keep $2,500. Make some monthly income on the spread and get a really nice back end $27,500. Best of luck to you.