Which way do I go? - Posted by JohnPa

Real Estate Investing
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Posted by Newbie Ned on May 21, 2000 at 21:28:27:

If I were you I would buy the No Money Down course by a guy named Carlton Sheets. This guy will show you the ups the downs the ins and the outs! He supplies the very important and most updated forms available to date (Even on floppy disk too!) and you may feel free to copy them as much as you wish. Carlton has been around this biz a long time I’m told, and they say that his material is comprehendable by a 6th grader. I have it, turned many deals after just 30 days from the date I ordered the course!! I am even scheduled to appear on his next infomercial!!! My name is Ned. Ya’ll watch for me and hear my story!

The very best of success to each and every one of you here (Veterans & Newbies alike)

Ned

2

Which way do I go? - Posted by JohnPa

Posted by JohnPa on May 21, 2000 at 14:16:50:

As a newbie, I’m unsure of the best approach on this one. Here’s the info.

Vacant, SFH on private lake. (Vacation home)
Owned free and clear
3BR/ 2Bath
Very good condition
FMV: To be determined (I want comps)
Originally listed at $125,000
Reduced to $89,900

I live on the same lake and know the owner. Spoke with him today and he is open to all options (very flexible).

The property has not sold to date due to a problem neighbor
who tells prospective buyers that they can’t park in thier own driveway since it is a shared right-of-way to the lake. This is not so and is being addressed by sellers attorney.

I did a search at the County Offices and learned the home was purchased for $77,000 in 1988.

The listing expires in 4 months.

To make the home "sparkle"I would have to put about $5,000 into it (carpet, paint, etc…).

Seller indicated he may be willing to hold a short term mortgage, or L/O. I didn’t give details, just testing his motivation.

Question: What are some viable options for purchasing or controling this property for resale?

I have studied Bronchicks L/O course, but is their a better or quicker way to approach this one?

Thanks in advance for your help.

JohnPa