Start by asking him if he’d sell to you with no money up front and he’ll carry the note for you at 9% for X years. If you’ve ALWAYS PAID him on time, maybe it won’t be a problem. If you haven’t, well then…it probably will matter and he’s not going to cut you any slack. To do creative RE you usually need a MOTIVATED seller. Not just a body who wants to sell their property. Is he motivated to get out of the landlording business? Can you cry on his shoulder and have him help you out? You got to find out first.
Hey Everybody!
I just got Carlton Sheets “No Money Down” course 3 days ago and have made it through the buying techniques chapters.My landlord has been asking me to buy this house for awhile now. He said he would pay $3,000 toward closing costs with the asking price of $149,900 or up to $5,000 closing costs if he gets $154,900. How can I do this no money down, since I don’t have any and my credit is not good? Any ideas? I know it can be done but as a novice I’m not sure on how to structure the whole thing! Thanks for your help!
Vince