OfflinePlease help! I do not have buyers lined up, but I have homeowners calling my automated calling service. I currently have a homeowner who is requesting that I purchase his property and re-rent it to him. Is this a difficult situation? I don't have money or credit to purchase the property, so I would like to do an assignment of contract. So, if I contract this property to another buyer, would they be willing to turn around and re-rent the same property to the mortgagee? Thank you so much for your help.
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difficult situation...If they agreed to assign it, it would be COMPLETELY up to the buyer of the property...
you would have no say in what they decided to do with the property...
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Marc thanks for your reply. Wow that was fast! You guys are great! I will discuss this with the mortgagee, but he is hoping to stay in the home. I wish I could purchase the property, but I don't know how to get financing.
Could you get an option on this property? Then you may be able to leas option it to the owner for an extended contract and resell the cashflow for a small profit. Just a thought. I haven't done that personally so I dont know if it would work or not.
Regards,
Tony Tomasek
Does the seller hold the deed? If not, can the mortgage be assumed? Can it appraise with equity? Continued Success.......Lubertha
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Hi,
OBI reading your posts, I think about Yuri's $10 deal! It does sound possible to figure a way if it really means alot to you,If this is friend or family!If not...You know the drill...And you did not say anything about it being a deal!
Invest in yourself!
First run your numbers to make sure it is a deal another investor would want to buy (or one YOU would want for that matter). What is the need of the homeowner? Does he have to cash-out by selling outright? Needing to just start over by "renting" his house? Would it be possible to buy the property subject-to? And if he is not able to keep the house and make the payments on his mortgage, will he be able to pay enough rent to cash-flow on the mortgage a new buyer would have? It could be that he's upside-down in his mortgage, or that his current payments have just gone up with an ARM (or any number of circumstances), making it impossible to keep up. Find out everything you need to know. It's so wonderful to be able to help someone in a bad situation, but not at the risk of putting OURSELVES in one. You sure could be looking at a great deal. Sounds like a motivated seller. Just do your due diligence and make sure the numbers work.
Good luck, and keep us posted!
Rina
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