Suggestions on Structuring this deal - Posted by Nancy

Posted by Nancy on July 08, 2002 at 08:35:55:

Looking to obtain the property as a rental. The lien on the property is through one of those type of programs that the city offer homeowners. This is not the seller’s primary Residence.

Thanks for your input.

Suggestions on Structuring this deal - Posted by Nancy

Posted by Nancy on July 08, 2002 at 06:58:18:

Here is some of the details,

SF home, There is no mortgage lien attached to the property, but there is a lien ( that is only payable upon selling property, no payments being made)seller looking to get market value for property. The lien on the property is 10K. Market Value for the property is 85K. Seller need cash to pay for the above metioned loan and expenses for repairs made to the property in preparation to sell. Can anyone help the newbie out. OH, I REALLY NEED TO MAKE THE DEAL WITH NO CASH OUT OF POCKET BECAUSE OF COURSE, I DON’T HAVE THE CASH TO PUT OUT.

Re: Suggestions on Structuring this deal - Posted by Anne_ND

Posted by Anne_ND on July 08, 2002 at 08:22:54:

Nancy,

You will have better luck dealing with a motivated seller rather than one who wants full price, however, I suggest you borrow the $10K+ the seller wants from someone else (a partner perhaps, or an investor who will lend you money if they are in first position), and ask the seller to pay closing costs and finance the rest for whatever terms will work for you (see if the seller is willing to be in second position).

Do you plan to wholesale, rent out, what? The answer to this question will determine what will work for you.

Try to determine what the seller needs (not wants) and be prepared to walk away if you don’t get what you need to make a good profit.

good luck,
Anne

PS- start working on ways to find some money for investing in RE, you will need it for education, marketing, phone, computer, forms, legal fees, etc.