Testing All Creative Thinkers - Posted by Robert
Posted by Robert on May 03, 1999 at 22:20:16:
Ok…here’s your chance to prove your knowledge as a creative real estate investor. I have recently found two properties FSBO (Seller owns both properties). The properties are completely debt free. The first is a 2 - 2, with a fenced back yard, a 1 car garage and a pool, built in 1959. It’s in pretty good shape, just cosmetics need to be done. Their asking price is 96,000 (which we think is a bit high. The tax assessors office shows the market value at $74,000). They will give me owner financing with 10% down, 7 %, for 30 years.
The second home they own is a 4 - 2, with a 2 car garage, about 1800 sf heated space, again just cosmetics need to be done. They already have built another house and are moving this week. Their asking price is around $130,000 (which is really high compared to comp sales for the area and to other properties that we have come across. The tax assessors office values the property at a market value of $85,700). Home was built in 1959. We are not intending to flip these properties.
How can we buy these properties no money down and still give them some money at closing? We have money available in a retirement account, but we would rather not use it for downpayment. I have a few ideas on this, but I would like to hear some of your creative thoughts as well.
Thanks and I hope this gets real interesting.