Posted by PBoone on March 28, 2000 at 09:37:00:
With this little in equity, we would only consider the L/O avenue for 3 yrs w/ a couple of renewals, IF the cash flow is ok. Also this one would have to give me the deed to be held in escrow because of the “neighbor”
Also check out this neighbor
Pat
What do you pros say to this? - Posted by Robin C
Posted by Robin C on March 28, 2000 at 05:50:32:
Dear Board:
I had a homeowner call me in response to my “I BUY HOUSES” ad in the paper. He says to me " I have a house that I want to GIVE AWAY" I then asked away with the how comes, and
whys and why nots etc. As far as financing is concerned he says there is a 1st and 2nd mortgage. The 1st is $96,500.00 and the 2nd is $12,000.00. Did not know interest rates off the top of
his head (But we will find out when I go to see the property). This property has the largest lot in the community, and comps are approx $118,000.00 to $120,000.00. When I asked why he
wanted out, he said that it was because of a personal matter between him and his neighbor! (Has anyone ever heard of this?) and he wants out of there ASAP. I will be looking at the
property on Tuesday and would like some input on how I shoud go about this, or how some of you guys would approach this deal. Would you do,
(a) Lease Option
(b) Land Trust
(c) Something else
Oh and the first mortgage is for only 10 years! That makes for a high payment. I am figuring approx $1,100.00 per month! Anyway, any and all suggestions are appreciated.
Your help is greatly appreciated and this site is a great place to aquire the needed information on REI.
Thanks a bunch guys
Robin C
try this… - Posted by Gino_AZ
Posted by Gino_AZ on March 28, 2000 at 17:30:33:
Tell HIM to sell the house to one of your buyers for 10% down, 13% interest, No Qual, ($12,000…consdiering he sells it for $120k)and simultaneously buy the note from him for 91 cents on the dollar…Sell the note to me simultaneously and ill give you 93 cents on the dollar.
so:
he sels to HIs buyer for $120k
you buy the 108k balance for $98,280
add that to his 12k he got for the down and you have $110,000 and change…its actually more than he needs so you can get away with paying him less for the note anyway. But if this note is written corrsctly, it can bring a “buy” price of up to 95cents on the dollar.
email me if you havemore questions: mrmortgage@hotmail.com
Gino_AZ