Posted by Ed Copp (OH) on May 22, 2000 at 08:05:03:
If the rental market is $500 per month where will the money come from to service the mortgage note(s)? You mentioned that you do not want to use any of your own money. You or somebody will have to get a part (or full) time job on the side just to support the house.
The seller of the occupied house is only slightly motivated. She said he wants to eliminate the one hour commute to work. We don’t know if this is true or not. He may just enjoy the drive who knows? The one hour commute may really be only 35 minutes. My point is we really need to find out why they “might” consider selling. Then we need to find a deal that will produce a positive cash flow. $500 coming in will not do it for a $100,000 loan…ED