The deal…curious to hear Johns take - Posted by Gino L.
Posted by Gino L. on May 02, 1999 at 22:15:08:
Just want to hear others take on this deal.
Im interested to hear feedback and ideas. The way I plan to structure this deal involves over financing with a newly created note and discounting out for cash. Want to know what others would do to solve this ladies problem.
Lady in forclosure on 2 properties…
both properties are in marginal areas with large rental market. both need cleanup only to a heavy extent (2 truckloads from each).
1st prop 77k 1st, FMV is 95k…must sell in 30 days…no arrears yet. The question is how to get in and out with no money! Non assumable.
2nd prop 72k 1st, 5k 2nd, 8k in arrears, forcloses in 20 days. FMV 110k
Same owner. This lady is willing to carry as much as needed and has no cash reserves and needs to come up with at least 8k total out of both properties combined…=:) Will not sign a exclusive option because of time restraints.
Interested to hear any and all creative techniques from people heavy into L/O’s and Trusts. Also any ideas on combining l/o w/notes, and trusts to assume.
The object is to do this deal with absolutely none of our own cash!