OfflineHello, my name is Eddie and I'm a newbie in the realestate game. I have a question--I found a investor who wants to retire. He in the past has had over 30 properties and now he's down to 13. He wants to sell the last 13, and is willing to do L/C for each with a downpayment of @ least 7,000. With him willing to do land contracts, that's letting me know he's motivate in some form. All 13 properites are currently rented out with rents ranging from 850-1100. His asking price for 2 of the 13 are for 40,000 the other 11 are for 65,000. All homes are own free and clear. My credit is poor and I have no downpayment or closing cost. Hopefully I can convince him to do some type of seller-finance,but for the time-being he's not int creative financing. Does anyone have a solution?
newbie needs help
Posted on: Fri, 06/24/2011 - 17:47
Sounds like you may be able to get somewhat creative providing u can come up with a down pymnt foe him.You say he will land contract to you so that is a start.did u look at the properties?? Did you get ALL THE EXPENSES for them??
the solution may not be the question of the day........the question is..are these a cashflow property????? First you need to know the EXPENSES then u need to figure what exactly u can negotiate for a down pymnt then look in an amortization book or calculator and figure up your mortgage payment...be it a loan from a hard money lender or relatives or partner.
IS IT A MONEY MAKER???? have to know the numbers before any decision.
jay
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thanks Jay! So far it seems to have a positive cashflow, but to make sure I will get a more accurate figure on the expensences, such as, property taxes, water, and annual up-keep.
I am new also, but I was thinking that maybe you could wholesale them to another investor if the seller would allow that. That may help.