Possible L/O - Posted by Shenesa

Posted by Shenesa on April 28, 2000 at 10:09:39:

What about the L/O. I can’t purchase it by getting a mortgage since credit is yukki, but working on improving it.

Possible L/O - Posted by Shenesa

Posted by Shenesa on April 28, 2000 at 08:41:21:

I called on a FSBO this morning that is being sold for $52k. It is a 2 family with 2br’s in each unit. It is in good condition, needing some cosmetic work. The owner refinanced the house for what he is now selling it for, $52k. Taxes are current, each floor rents for $500, one floor occupied, other floor showing this weekend to perspective tenant. He wants to sell due to the fact that he runs his own travel agency and has no time to manage the property. He said that he’s willing to do a L/O. My question is would i have to give him option considerartion out of pocket or can I use the security deposits that the tenants had given him as option money. I don’t know if this deal is workable or not. I beieve his mortgage payments are in the low $600s. I plan on asking him about assuming his mortgage and if there is a DOS clause in his contract.

  • Where can I get a good L/O form and what steps would I need to take if/when he agrees with the L/O?

Thanks,
Shenesa

Re: Possible L/O - Posted by Bill K. - FL

Posted by Bill K. - FL on April 28, 2000 at 09:57:17:

If he just refinanced the loan is probably not assumable unless with qualifying and most likely contains a DOS clause. Sounds like a great price for the income though. Determine your plan for the property. Buy and hold or resell? Sounds like he is motivated which is biggest part of the battle. Find a win-win solution.