OfflineI need to know if anyone on here or if anyone on here knows of someone that would want to do a $30,000 note. I would like to do a 30 year term around 10% with a 5 year balloon.
I need money for downpayment!!
Any ideas or are those terms just absolutly crazy?
Thanks,
Shaun
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If you could get someone to do it. Most will also want a piece of the profit too...(10-20%)
Don't Wish the Past, Create the Future! - DH
ok so does anyone want to go in as partners with me. I have a fourplex in ohio with good cashflow that i really want to get. I cant get approved for the loan. I am willing to totally manage it if someone wants to buy it. Everyone I have talked to can't come up with the money right now and this is going to be a good deal that i don't want to let it slip away. If any one wants details on it message me your email address...
Thanks,
Shaun
shaun I went to America one funding , www.amone.com and got a $25,000 no problem approved in about an hour, could of tried for $50,000 but didn't need that much
good luck,
Bruce
Why do you want to get this one? Is it a really great deal? If it is a great deal, lock up the contract and assign it or pass it on to another investor for a fee. Look for a private money partner. Think a little differently and you can probably get it somehow. This is the core of what Dean teaches. No money out of pocket, no credit, find or create ways to get the contract, then you have ALL the control... Muuu ha ha ha! (oops, sorry about the evil laugh and all) How bad do you want it?
Psalms 118:23 "This is the LORD's doing; it is marvelous in our eyes."
Elena I just see potential in this place. Good cashflow and doesn't need ANY work. Completly rented out with a cashflow profit of about 700-900 a month. I don't officially have it locked up but as of yet i haven't been able to find anyone to assign it to. I know I know this is no excuse!! try harder right?!?! lol
Honestly I would love to just get this b/c i really want to landlord and this is the best place i have found so far. I believe when the market picks back up the equity in it will be a nice bit!
What up with this amone.com? What kind of interest rate are they loaning at? Any opions on this place before i run and submit an application?!
You're approaching this the wrong way. You need to lock it up first, then when you have that control, you present it to your buyers. If it's as good a deal as you say, you won't have trouble finding a buyer. Don't be afraid to take a risk if you think it's worth it. The escape clause will give you a chance to back out the contract if you don't have a buyer by time the contract expires and sometimes you can extend the contract with an addendum. Try to give yourself enough time to find a buyer 60-90 days. But without that control you have nothing to show your buyers, your a doer not a talker. That's what the property gives you now, credibility. See if the seller will carry the mortgage for a year or two that way you could get into it and take even more time finding a buyer. Doesn't hurt to try, all he can do is say no.
Best of luck!
Psalms 118:23 "This is the LORD's doing; it is marvelous in our eyes."