Posted by Jim IL on May 31, 1999 at 02:18:27:
Why not find a deal, pass it along, and make money all at once? Friend or not, you deserve to make money.
Find a motivated seller, get the home tied up at a price WAY under FMV, then sell to your friend at a little less than FMV and make a profit, while getting your friend a good deal also.
There are MANY ways to “get a good deal”, it just depends on your definition of a “good deal”.
For me, that means a nice profit, with NONE of my own cash involved. Even if you make $3000.00, with no cash in, then your yield is infinite.
Just my $.02,
Jim IL
wanting advice to help a friend and in turn help me with learing!!! - Posted by kc
Posted by kc on May 31, 1999 at 02:05:17:
Hi everyone…this is such a supportive place to be, I love reading all the posts!!!
I have a friend who I would like to assist in buying her new home, so I can learn on the way and offer her the best deal possible. I will summarise her situation as follows
Single women 39yrs
yearly income-$60.000 a year (been at same job 10yrs)
Has about $24000 in cd fund now…( took it out of her money market fund)
works in upstate Ny and wants to move to Vt
will stay at her present employ until getting approval for loan (this was my suggestion)
Her income will lower substantialy when moves to vermont
Is not really interested in CRE just wants her house she will live in for her remaining life (at least thats her intention)
and I want to help her save lots on her new house purchase, but (not for my profit)
And how she should proceed…I have just brought buying a house for dummies…thought it might give us something to go on…
hope this question is ok and appropriate for the board
warmest regards…KC