Remarketably Free & Clear properties are sometimes hard to sell…
They are also excellent candidates for creative offers involving lease options (which you have laid the framework for) and for asking the seller to owner finance you.
Your lack of a down payment might present some problems however if the deal is good enough you can always attempt to bring in another co-signer or down payment partner.
With a properly structured note that the seller would hold you can many times get that seller immediate CASH at closing (significant amounts also) and monthly income. Just what an elderly landlord who is probably burned out on managment type wants.
Feel out this seller and find out what is important to him? CASH now ? How much? and / or monthly income without hassles? or a combination of both
If you need assistance in putting this one together I would be more than willing to assist.
Posted by Annette on February 04, 2000 at 14:49:44:
Yesterday I called a seller who has a 4 unit building for sale and he owes nothing on it. The building is selling for $97,000 taxes are $6,000, which to me is extremely high for the area and the total monthly income from the apartments = $1,740. I don’t know what the appraisal of the building is, but Iwill find out. The reason why the gentlemen is selling is because he will be turning 76 years old and he just don’t want the hassle any more. The building has been renovated here and there. I asked the gentlemen will he consider a lease/option and he said maybe if he new what it was, which I explained to him what it is. He is only looking for $20,000 cash to close.
I don’t have ANY money yet so how can I structure this deal. I mentioned to the gentlemen that I will be sending him a proposal in the mail with the $ figures. Iwas thinking about asking him to take out a equity loan on the property to give him the $20,000 + and work from there.