Re: Suggestions on Structuring this deal - Posted by Anne_ND
Posted by Anne_ND on July 08, 2002 at 08:22:54:
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.
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.